Global gold prices moved narrowly, rising marginally during Tuesday’s session, with investors awaiting U.S. economic data and providing additional signals to determine the course of monetary policy at the next Federal Bank meeting.
On Monday, metal prices ended on about $9 growth, but were still below the $2,000 levels recorded over the past week.
Investors are awaiting the U.S. Consumer Confidence Report, due out later today, as well as personal consumption expenditure data and the U.S. economy’s first quarter growth rate later this week, which will play a significant role in defining the Federal Bank’s trends during the monetary policy meeting early next May.
China’s gold output grew 6.9% in the first quarter of this year to return to pre-coronavirus levels, boosted by strong demand for the yellow metal as a safe haven for investors.
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