Gold prices tick higher as dollar dips

Gold prices tick higher as dollar dips

Gold prices edged up on Tuesday as the dollar eased, even as investors kept a keen eye on posturing from major central banks on interest rate hikes for a clearer outlook for bullion. Spot gold was up 0.2 per cent at $1,841.01 per ounce as of 4.47am UAE. US gold futures firmed 0.1 per cent to $1,843.10. The dollar weakened slightly, making greenback-priced bullion more attractive for buyers holding other currencies. However, benchmark US 10-year Treasury yields rose, making bullion less appealing, after US stock and bond markets were shut on Monday for the Juneteenth holiday. Gold traded in a tight range on Monday as an easing dollar and economic worries countered concerns around aggressive monetary tightening by the Federal Reserve. The US central bank could raise interest rates swiftly this year and forge a “stellar” economy ahead if it can pull off a repeat of the success of the central bank’s 1994 tightening cycle, St. Louis Fed President James Bullard said on Monday. A series of surprise actions by some of the world’s largest central banks fretting about runaway inflation has left bond investors battered. Now, a growing chorus of investors is calling on policymakers to move fast to