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Gold Up, Investors Await Inflation Data -Breaking

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© Reuters

By Gina Lee

Investing.com – Gold was up on Tuesday morning in Asia over the weakening dollar. Investors now await inflation data.

They were at $1,863.89 (up 0.2%) by 12:50 ET (4:51 GMT).

On Tuesday, the dollar fell, which is normally inversely related to gold. Five weeks of gains in the dollar have been fuelled by the U.S. Federal Reserve’s stricter policy against inflation.

While the Fed increased its rate by half-point, the Bank of England raised its rate by 1% on Thursday. This was its highest rate since 2009.

In anticipation of interest rate increases, the U.S. 10-year Treasuries climbed as high as 104.99% overnight. This is a peak that has been seen for 20 years.

Investors are expecting additional Fed increases at the same rate. Raphael Bostic, Atlanta Fed President, stated Monday that there is no need for a 75-bps rate increase, because of signs of inflation cooling.

The Asia Pacific trade data showed Monday that China’s April export data showed a 3.9% increase in year-over-year growth. This is the lowest rate since June 2020. Trade has been affected by the l for COVID-19.

Investors now wait for investors, who will be awaiting the on Wednesday and also the on Thursday.

Silver rose 0.99% while platinum rose 0.58% and palladium rose by 2.18%.

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