Gold prices inch higher as dollar slips ahead of Fed speak, inflation data By Investing.com


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Investing.com– Gold prices rose Monday, attempting to steady following a recent wobble as dollar strength eased and gold exchange-traded-funds recorded a first inflow ahead of a slew of remarks from Federal Reserve members and key inflation report later this week.  

rose 0.2% to $2,169.77 an ounce, while expiring in April rose 0.6% to $2,172.35 an ounce. 

Gold prices steady as dollar strength fades amid Fed speak

Physical gold ETFs recorded the first weekly inflow of the year, totaling a significant 483,000 ounces, RBC said in a recent report. The signs of ETF investor appetite follows comes just days after the Federal Reserve kept its outlook for three rate cuts this year.

Still, the  reversed gains to fall 0.3% on Monday even as some Fed members signaled that they aren’t so sure that three rate cuts are needed this year.  

Atlanta Federal Reserve Bank President Raphael Bostic reiterated Monday that he sees the need for just one rate this week, adding that the strong economy allows the central bank to continues with its cautious approach. 

The slew of Fed speaks this week, which will includes remarks from Fed governor Christopher Waller and chairman Jerome Powell, will be rounded off by the release of data- the Fed’s preferred inflation gauge due Friday. 

Other precious metals were a mixed bag on Monday following steep declines in the prior session. rose 1% to $916.50 an ounce, while were flat at $24.84 an ounce.

Copper prices inch higher 

Among industrial metals, copper prices climbed Monday after steep losses in the prior session. 

on the London Metal Exchange rose 0.2% to $8,869 a ton, while rose 0.1% to $4.01 a pound.

Copper’s recent rally was driven chiefly by expectations of tighter supplies as major Chinese refiners signaled plans to cut production.

(Ambar Warrick contributed to this report.)

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