Gold prices stuck to a tight range in Asian trade on Tuesday as investors looked to a swathe of upcoming economic data for more trading cues, although the near-term outlook for the yellow metal remained constrained.
Difficulties in securing U.S. diesel complicate an existing supply crunch in Europe, which previously relied on Russian fuel exports. U.S. diesel cracks briefly surged to a four month high of over $48 a barrel this month, crimping arbitrage opportunities to ship the fuel to Europe.
Gold prices moved little in Asian trade on Friday and remained well within a recently-established trading range amid increasing conviction that the Federal Reserve will not cut interest rates early in 2024.
Gold prices rose slightly in Asian trade on Thursday, but remained largely within a recent trading range as a slew of signals from the Federal Reserve reiterated the prospect of higher-for-longer U.S. interest rates.
Gold prices rose in Asian trade on Wednesday, extending a recent rebound as the dollar retreated in anticipation of more cues on U.S. interest rates, most notably from the minutes of the Federal Reserve’s late-January meeting.
Gold prices kept to a tight range in Asian trade on Tuesday amid persistent concerns over higher-for-longer interest rates, while a U.S. market holiday also made for scant immediate trading cues.
Gold prices rose in Asian trade on Monday, extending a rebound from one-month lows after recently breaking below a key support level, although fears of higher-for-longer U.S. rates kept prices largely rangebound.
Bullion prices rose back above the $2,000 an ounce level on Thursday after breaking well below the level earlier in the week. Some safe haven demand- following data showing recessions in Japan and the UK- also aided gold prices.
Bullion prices took some relief from mild losses in the dollar, which consolidated in overnight trade after racing to three-month highs earlier this week. The greenback is now likely to see more near-term gains, as traders began further scaling back expectations for early rate cuts by the Federal Reserve.
The yellow metal saw extended losses after spot prices slid below the closely-watched $2,000 an ounce support on Tuesday, with analysts warning of more potential declines after the loss of the key support level.
