Zhang Mengying

Investing.com – Gold was up on Tuesday morning in Asia, but the moves were small. The expectation of higher interest rates in Europe and the U.S. grew.

inched up 0.05% to $1,844.75 by 11:15 PM ET (3:15 AM GMT). This indicator, which usually moves in the opposite direction of gold, rose on Tuesday morning.

Last week’s jobs reports raised expectations of continued tightening by the U.S. Federal Reserve. Investors now await Friday’s for clues on the interest rate hike path.

Joining global peers in lowering high inflation, the Fed will make its policy announcement on Thursday.

The Reserve Bank of Australia in Asia Pacific will announce its policy decision in the latter part of the day. It is widely anticipated that it will deliver two consecutive interest rate increases for the first-time in twelve years.

India’s gold imports increased by 677% year-on-year ahead of a key festival and wedding session, according to Reuters citing a government source.

With high inflation dented consumers’ confidence, reiterated on Monday an unwavering commitment to “powerful” monetary stimulus.

SPDR Gold Trust (P:), the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.3% to 1,063.06 tons on Monday.

Other precious metals fell 0.422%. The decline was 0.93%, while the gain was 0.27%.