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Gold confined in a tight range, eyes on inflation figures

27 Feb,2024
Gold confined in a tight range, eyes on inflation figures

Gold maintained a narrow range on Tuesday as Investors were seeking guidance from a range of upcoming economic data for their trading decisions, despite the fact that the short-term prospects for the precious metal were limited.

Spot gold added 0.1% to $2,033.36 per ounce, while gold futures edged up by 0.2% to $2,042.60 per ounce.

The prices of bullion stayed mostly within a trading range of $2,000 to $2,050 per ounce, a range that has been in place for the last two months. The likelihood of prolonged higher U.S. interest rates significantly dampened any potential positive movement in the value of gold.

The notion was reinforced by comments from Federal Reserve officials, indicating that the central bank was not eager to initiate policy easing due to persistent inflation. As a result, the dollar maintained its proximity to three-month highs.

Gold investors were presently looking forward to essential U.S. economic data to influence the upcoming trajectory of the metal markets.

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