© Reuters.
Investing.com– Gold prices rose slightly in Asian trade on Tuesday, sticking to a six-month high amid growing bets that the Federal Reserve will not raise interest rates any further.
Anticipation of a slew of economic readings this week also kept safe haven demand for the yellow metal upbeat, as markets awaited more signs of cooling U.S. economic growth and a stalling Chinese rebound.
The sank to three-month lows in overnight trade, benefiting gold and other metal prices on bets of . But the greenback somewhat steadied in Asian trade, with more Fed cues also on tap this week.
was flat around $2,015.57 an ounce, while expiring in December rose 0.2% to $2,015.35 an ounce by 00:18 ET (05:18 GMT). Both instruments were at their highest level since mid-May.
US econ data, Fed speakers on tap
Markets were now awaiting key economic readings this week, chiefly the – the Fed’s preferred inflation gauge. Beyond that, U.S. , coupled with a revised reading on were also on tap later in the week.
Any signs of a cooling U.S. economy gives the Fed less headroom to maintain higher rates for longer- a scenario that benefits gold prices. Fears of worsening global…
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