By Gina Lee

Investing.com – Gold was up on Tuesday morning in Asia. That helped to boost yellow metal’s highest level in 2 weeks.

The price of $1,850.94 rose 0.17% by 11:10PM ET (3:10 GMT) after reaching its highest since Monday May 9, when it was $1,865.29 (Monday, May 9).

On Tuesday, the dollar, which moves in an opposite direction to gold and fell to a one month low, rose after rebounding. The Benchmark was also lower.

According to Esther George, Kansas City Fed president, the U.S. Federal Reserve may raise its target interest rate by 2% in August 2022. Further action will depend on how supply and demand affect inflation.

The, which is due Wednesday, will be sent to investors. Investors are now awaiting the, due on Wednesday.

After a slide in U.S. stock options, Asian Pacific shares fell on Tuesday. This was due to a cooling effect that had dampened rumors of upcoming U.S. share rallies. With the euro nearing a one month high, bets are increasing that European Central Bank will raise its interest rate by July 2022.

SPDR Gold Trust P: reported Monday’s increase in holdings to 1,068.07 Tons, an increase of 0.4% from Friday’s 1,063.43 Tons.

The price of other precious metals fell 0.2% to $956.10; it rose 0.2%.

Russian palladium mining and melting company Nornickel has lowered its 2022 global palladium shortage estimate to 100,000 troyounces. The lower demand for palladium from the automotive industry due to the conflict in Ukraine, and slow recovery of the chip markets from shortages are the reasons.