Gold prices rose at the beginning of Asian trading on Tuesday, supported by a decline in the dollar, while investors await U.S. economic data this week to predict the next move of the Federal Reserve regarding interest rates. Spot gold increased by 0.4% to $1996.99 per ounce, as of 0037 GMT, while U.S. gold futures rose by 0.3% to $2005.50. The dollar index fell by 0.1%, making gold more attractive to buyers holding other currencies.
Regarding other precious metals, silver in the spot market rose by 0.2% to $25.22 per ounce, while platinum increased by 0.5% to $1087.70, and palladium gained 0.1% to $1536.56. A report from the Federal Reserve Bank of Dallas on Monday showed a contraction in manufacturing activity in Texas in April, highlighting the economic effects of the monetary tightening cycle being implemented by the U.S. Federal Reserve.
