Gold hit a one-week high on Tuesday, as the dollar retreated after a slower-than-expected rise in U.S. inflation led to uncertainty over the U.S. Federal Reserve’s timeline to taper monetary stimulus.
Spot gold rose 0.6% to $1,803.69 per ounce by 1835 GMT, and U.S. gold futures settled up 0.7% at $1,807.10 per ounce.
“Gold is toying with $1,800/oz following the marginally weaker-than-expected U.S. inflation data,” said Suki Cooper, precious metals analyst at Standard Chartered Bank, adding “the macro backdrop remains conducive for further price gains.”
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