Gold Prices recovers reaches near $2,000 as traders hunts for US inflation data

Gold Prices recovers reaches near $2,000 as traders hunts for US inflation data

Gold prices rose on Tuesday after plunging more than 1 percent to the prior day, as the dollar dropped ahead of important inflation data from the United States

Investors were now anticipating the release of United States consumer pricing statistics on Wednesday in order to gain additional insight into the trajectory of interest rates ahead of the Fed’s policy meeting in May.

A tightening labour market was highlighted by a United States employment data released on Friday.

As interest rates are increased to reduce inflation, it becomes more costly to retain non-yielding bullion.

Consumer inflation in China fell to its lowest level since Sept 2021 in March, suggesting that demand weakness persisted despite the country’s sluggish economic recovery.