{"id":21761,"date":"2023-06-12T21:48:19","date_gmt":"2023-06-13T01:48:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-inches-higher-as-cpi-data-central-bank-meetings-approach\/"},"modified":"2023-06-12T21:48:20","modified_gmt":"2023-06-13T01:48:20","slug":"gold-inches-higher-as-cpi-data-central-bank-meetings-approach","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21761","title":{"rendered":"Gold inches higher as CPI data, central bank meetings approach"},"content":{"rendered":"
\n

Investing.com– Gold prices rose slightly on Tuesday, but stuck to a tight trading range as traders hunkered down ahead of key U.S. inflation data, as well as a swathe of major central bank meetings this week.<\/p>\n

The yellow metal has struggled to break out of a trading range over the past three weeks, amid mixed cues on the global economy and U.S. monetary policy.\u00a0<\/p>\n

Focus is now on due later in the day, which is expected to largely factor into a Federal Reserve rate decision later in the week, and could provide some cues for gold to break out of its trading range.<\/p>\n

rose slightly to $1,9657.88 an ounce, while rose 0.1% to $1,971.75 an ounce by 20:59 ET (00:59 GMT). Both instruments have traded between $1,930 and $2,000 for the past three weeks.\u00a0<\/p>\n

Fed, major central banks in focus\u00a0<\/h2>\n

Markets were awaiting the conclusion of a two-day , with a majority of participants leaning towards a pause in the central bank\u2019s rate hike cycle.<\/p>\n

But given that inflation is still trending above the Fed\u2019s 2% annual target, and that the U.S. labor market remains robust, investors remained wary of any hawkish surprises.<\/p>\n

Interest rate decisions from the and the are also due this week, with the latter set to hike while the BOJ is expected to maintain its ultra-loose policy.\u00a0<\/p>\n

Rising interest rates usually bode poorly for non-yielding assets such as gold, with the yellow metal facing new pressure as global monetary conditions tighten.<\/p>\n

Still, the yellow metal may see renewed strength if the Fed signals a pause, given that strength in the U.S. dollar has been a major weight on gold in recent weeks.<\/p>\n

With economic growth also set to deteriorate across the globe this year, gold may see renewed safe haven demand in the second half of 2023.<\/p>\n

Other precious metals were also cautiously higher on Tuesday, but stuck to tight trading ranges. rose 0.2%, while added 0.4%.\u00a0<\/p>\n

Copper struggles amid demand concerns<\/h2>\n

Among industrial metals, copper prices crept lower as they struggled to mark any meaningful recovery from recent six-month lows.\u00a0<\/p>\n

fell 0.1% to $3.7475 a pound.<\/p>\n

The red metal was battered by growing concerns that demand will deteriorate in the face of worsening global economic conditions, chiefly in the U.S. and China.<\/p>\n

While Chinese copper imports have remained steady so far this year, Goldman Sachs (NYSE:) analysts recently warned that a sluggish recovery in the country\u2019s real estate sector will stymie demand for the red metal.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com– Gold prices rose slightly on Tuesday, but stuck to a tight trading range as traders hunkered down ahead of key U.S. inflation data, as well as a swathe of major central bank meetings this week. The yellow metal has struggled to break out of a trading range over the past three weeks, amid mixed […]<\/p>\n","protected":false},"author":1,"featured_media":5528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-21761","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold inches higher as CPI data, central bank meetings approach | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Gold prices rose slightly on Tuesday, but stuck to a tight trading range as traders hunkered down ahead of key U.S. inflation data, as\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=21761\" \/>\n<meta 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