On Tuesday, gold prices surged vaguely and remained at an all-time high ahead of more signals on US inflation and interest rates.
The yellow metal futures ending in June rose by 0.59% to $2,364.85 per troy ounce. Moreover, gold spot price increased by 0.31% to $2,346.19 in the Asian afternoon session.
Furthermore, the precious metal reached its record peak above $2,350 an ounce on Monday. However, it slightly declined from those levels as the dollar and Treasury yield remained solid.
According to reports, safe-haven demand for gold has been kept stable amid geopolitical tensions in the Middle East and Russia.
Meanwhile, markets were now looking forward to consumer price index (CPI) inflation data for March, which is scheduled for Wednesday.
Moreover, the report is anticipated to show that US inflation remains tight. It also comes just days after a burst of nonfarm payroll readings.
Besides CPI data, the Federal Reserve’s (Fed) March meeting will also take place on Wednesday.
Meanwhile, the Fed renounced a dovish stance on interest rate cuts during the talk, and a string of bank officials speaking after the meeting cautioned that sticky inflation would postpone any possible rate cuts this year.
Geopolitical Tensions Guide Gold Prices
Geopolitical pressures in the Middle East and the Russia-Ukraine war have kept gold largely buoyant.
Furthermore, worries about aggravating geopolitical risk in the Mideast following Iran’s threatened military action against Israel remained safe-haven demand for the yellow metal positive.
Additionally, persistent clashes between Russia and Ukraine are another factor, with the recent attack on the Zaporizhzhia nuclear power plant causing global anxiety.
Meanwhile, other precious metals, such as platinum futures for the July contract, climbed by 1.13% to $987.95 per troy ounce. Moreover, silver futures for May delivery increased by 0.49% to $27.94 per troy ounce.
However, copper futures traded in the US ending in May declined by -0.68% to $4.26 per pound but remained close to the 15-month record high last week.
