Gold Up as U.S. Dollar Weakens over Uncertain Monetary Outlook -Breaking
Investing.com – Gold was down on Tuesday morning in Asia as the U.S. dollar eased, while investors monitored posturing from major central banks on interest rate hikes.
The climbed 0.12% to $1.842.95 at 11:23 ET (03:24 GMT). The normal movement of the inversely to gold is that of the.
The Benchmark rose to keep gold prices under control.
“The (gold) market is sitting tight as, after a historic week for global central banks; policymakers will get to explain the reasoning behind their decisions this week,” said SPI Asset Management managing partner Stephen Innes.
The largest interest rate increase since 1994 was achieved by the Bank of England to control red hot inflation. Other central banks were not far behind.
“While the street does not expect Powell to reinvent the policy wheel, we could expect him to reinforce the idea that the Fed is in data-dependent mode. Hence, gold and every interest-rate sensitive risk asset will be subject to headline risk,” Innes added.
Jerome Powell, Fed Chair will be testifying before both the Senate and House Wednesday and Thursday.
In other precious metals, silver was up 0.39%. Platinum rose 0.74%, while palladium gained 1.32%