Gold prices climbed higher on Tuesday as the US dollar gave up some of its gains, and European markets reopened after the Easter holiday.
Spot gold was up by 0.7% to $2,004.10 per ounce, while US gold futures gained 0.8% to $2,018.80.
Investors are awaiting US consumer price data and minutes from the Federal Reserve’s March policy meeting for more clarity on the interest rate outlook heading into the May meeting.
UBS analyst Giovanni Staunovo noted that US real rates remain a crucial factor for gold, but a potential end to Fed hikes could weaken the US dollar and boost the price of gold.
In Asia, China’s consumer inflation for March recorded its slowest pace since September 2021, indicating weak demand amid an uneven economic recovery.
Meanwhile, silver climbed 0.5% to $25.03 per ounce, platinum rose by 0.6% to $998.02, and palladium jumped by 1.5% to $1,432.48.
