Spot gold was flat at $2 349.06 an ounce at 9:05 a.m. in Singapore.
Gold held a record high as investors positioned for US inflation data that could help shape the Federal Reserve’s outlook on interest rates. Bullion was little changed after closing at $2 352.78 an ounce in the previous session. Bond traders are growing increasingly bearish ahead of the consumer price index print on Wednesday, while economists surveyed by Bloomberg expect the reading to show some signs of easing price pressures. That would benefit gold, which doesn’t doesn’t pay interest.
Those hawkish expectations were reinforced after Federal Reserve Bank of Atlanta President Raphael Bostic on Tuesday reiterated his expectation for one interest-rate cut this year. However, he added he’s open to changing his view to later or additional rate reductions should the economic picture change. Still, heightened geopolitical risks in the Middle East and Ukraine, plus buying by central banks have added some bullish momentum for gold. The Bloomberg Dollar Spot Index was little changed.
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