Doha: Gold prices nudged higher on Tuesday, after a sharp decline in the previous session, as investors looked forward to US inflation data that could offer further insight into the Federal Reserve’s rate-cut trajectory. Spot gold was up 0.3% at $3,354.91 per ounce. US gold futures for December delivery were steady at $3,405.40.
According to Qatar News Agency, gold slipped 1.6% on Monday, while futures dropped by more than 2% after US President Donald Trump announced that tariffs will not be placed on imported gold bars, easing jitters in the market. This announcement created a temporary relief among investors, leading to a rebound in gold prices.
Elsewhere in the precious metals market, spot silver gained 0.7% to reach $37.88 per ounce. Platinum also experienced an increase, rising 0.3% to $1,330.25, while palladium saw a more significant climb of 0.9%, reaching $1,145.47. These movements indicate a broader trend of cautious optimism among investors as they await upcoming economic indicators.