Gold Prices Ticked up as the Dollar Eased – Investing.com India

Gold Prices Ticked up as the Dollar Eased – Investing.com India

yesterday settled up by 0.56% at 47903 as the dollar eased, ahead of a U.S. Federal Reserve meeting where the focus is on the central bank’s plan for tapering its pandemic stimulus measures. U.S. Treasury Secretary Janet Yellen said the United States expected China to meet its commitments under the Phase 1 trade deal signed under former President Donald Trump, but could look at eventually lowering some tariffs in a reciprocal way.

Yellen told in an interview that tariffs tend to boost domestic prices and raise costs to consumers and to firms from inputs such as aluminum and steel, which meant lowering tariffs would have a "disinflationary" effect. The Treasury secretary and other officials insist that the current spike in prices in the United States is a result of supply chain bottlenecks and higher energy prices, but say inflation should ease in the second half of 2022. The Fed, which concludes a two-day meeting on Wednesday, is expected to say it will start to taper bond purchases, though the focus is on clues about rates lift-off.