Gold prices moved in a narrow range today, Tuesday, ahead of U.S. inflation data that investors are anticipating for clues on the Federal Reserve's (U.S. central bank) policy direction.
Spot gold remained unchanged at $2023.41 per ounce, while U.S. gold futures fell by 0.2% to $2030.10. Traders are currently betting 92% that the central bank will keep interest rates at their current level in June.
A report from the Federal Reserve Bank of New York indicated that "U.S. consumer inflation expectations were mixed in April." Market participants are also watching developments surrounding the U.S. banking sector and the debt ceiling.
Data from the Federal Reserve's survey released yesterday showed that the high interest rates of the central bank are beginning to yield results in the financing sector.
Regarding other precious metals, spot silver rose by 0.2% to $25.61 per ounce. Platinum also increased by 0.2% to $1073.23, while palladium fell by 0.3% to $1548.58.
