Gold prices rose on Tuesday as the dollar slipped, but the metal languished near a 2-1/2-year low on prospects of further rate hikes by the U.S. Federal Reserve to tame soaring inflation.
Spot gold was up 0.4% at $1,628.78 per ounce, as of 0315 GMT, after hitting its lowest since April 2020 at $1,620.20 on Monday. U.S. gold futures edged 0.2% higher to $1,636.30.
The dollar index dipped 0.1%, easing off a two-decade peak hit in the previous session.
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