Gold futures prices traded flat on Tuesday, but remained near one-month highs, despite upbeat economic data and supported by political and economic uncertainty as US investors await to see if president Donald Trump will be able to enact promised tax cuts.
Gold for April delivery on the Comex division of the New York traded roughly flat at $1,255.65 a troy ounce.
Spot gold prices in the Indian market was around Rs 29,010 per 10 gm in the afternoon trade.
Gold prices have retreated from a rebound in the dollar, as turmoil over Trump’s ability to pay through its pro-growth economic agenda has given investors a reason to seek shelter in the safe haven yellow metal.
The yellow metal continued to hold steady, although consumer confidence rose to its highest level in almost 17 years, after the consumer confidence index of the Consumer Council was 125.6, well above expectations for 114 printing.
Meanwhile, Federal Reserve officials’ comments on rising interest rates continued to rise as Chicago Federal Reserve Chairman Charles Evans and Federal Reserve Bank of Dallas Chairman Robert Kaplan suggested on Monday that the US central bank should continue its tightening.
Holdings of New York’s SPDR Gold Trust GLD, rose 0.32% while New York’s iShares Silver Trust SLV remained unchanged.
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