Gold rose despite the market's expectation that the Fed would continue to raise interest rates sharply

Gold rose despite the market's expectation that the Fed would continue to raise interest rates sharply

 Gold rose despite the market's expectation that the Fed would continue to raise interest rates sharply

Gold futures inched 0.05% to $1,844.75 by 11:15 PM ET (3:15 AM GMT). The dollar usually moves inversely with gold, which rose on Tuesday morning.



Last week's jobs report raised expectations for further tightening by the US Federal Reserve. Investors are now waiting for Friday's U.S. consumer price index (CPI) for clues on the path to rate hikes.


The European Central Bank will make its policy decision on Thursday, along with other central banks globally, aimed at cooling high inflation.


In Asia Pacific, the Reserve Bank of Australia will deliver its policy decision later in the day, which is expected to deliver the first consecutive rate hikes in 12 years.



India's gold imports rose 677% year-on-year on the eve of a key festive and wedding season, Reuters reported citing a government source.


With high inflation dampening consumer confidence, Bank of Japan Governor Haruhiko Kuroda reiterated on Monday a steadfast commitment to "robust" monetary stimulus.


SPDR Gold Trust (NYSE:GLD) (P:GLD), the world's largest gold-backed exchange-traded fund, said its gold holdings fell 0.3% to 1,063.06 tonnes on Wednesday. Two.




Among other precious metals, silver fell 0.42%. Platinum fell 0.93% while palladium gained 0.27%.



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