Gold prices kept to a tight range on Tuesday, remaining under pressure from the dollar as investors hunkered down before inflation data that is widely expected to factor into the Federal Reserve’s plans for interest rates.
The yellow metal had fallen back into a $2,000 to $2,050 an ounce trade range over the past week, as traders began steadily phasing out expectations of early interest rate cuts by the Fed.
A slew of Fed speakers also warned last week that the bank was in no hurry to cut interest rates early, amid fears of sticky inflation. This saw the dollar shoot up to three-month highs, which weighed on gold.