Bengaluru : Gold prices fell on Tuesday on a firmer dollar as investors waited for US consumer price data due later in the day to gauge the outlook for inflation and the Federal Reserve’s rate hike stance.
Spot gold was down 0.2 percent at $1,319.87 per ounce as of 0711 GMT, while US gold futures for April delivery fell 0.1 percent to $1,320.00 an ounce.
The dollar index, which measures the US dollar against a basket of currencies, was up 0.12 percent at 90.004. “Gold traders are adopting a more neutral stance. While a March hike is fully priced in, traders usually get a bit anxious awaiting the Fed statement and key forward guidance,” said Stephen Innes, APAC trading head at OANDA. “We should expect interest rate uncertainty to weigh on prices over the short term.”
Any outcome above expectations will put gold under pressure, said Richard Xu, a fund manager at HuaAn Gold, China´s biggest gold exchange-traded fund.
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