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Global gold prices increased on Tuesday with European markets reopening and anticipations of rate hikes.
Prices might be further influenced by U.S. and Europe’s economic data waiting to be released. Awaited data includes U.S. consumer price index and March inflation readings for Germany among others.
Pablo Hernandez de Cos, ECB policymaker stated on Monday it is likely “core inflation in the euro zone would stay high for the rest of 2023.”
Spot gold reached $2,004.10 per ounce while U.S. gold futures recorded $2,018.80. Giovanni Staunovo, UBS analyst anticipated pausing Fed rate hikes “should weaken the USD and help gold as well.”
