Metal stuck in tight range as investors hold back ahead of possible US interest rate hike
Bengaluru — Gold prices rose on Tuesday on the back of a weaker dollar, but were stuck in a tight range as investors refrained from taking big bets ahead a possible aggressive US interest rate hike.
The dollar slipped for a fourth straight session, down 0.2% against its rivals, making gold less expensive for buyers holding other currencies. The US Federal Reserve is widely expected to raise interest rates by 75 basis points at the conclusion of its policy meeting on Wednesday. A hike of that magnitude would effectively close out pandemic-era support for the economy.
Meanwhile, the European Central Bank may not be done with big rate hikes after its initial half-point increase last week, Latvian central bank governor Martins Kazaks said in an interview with Bloomberg News.
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