Title: Gold Up Over Weaker Dollar, Investors Now Await U.S. Inflation Data
Jan 10, 2022 07:18AM ET
Gold prices rose in Asia on Tuesday morning, with a weaker dollar and US inflation data due later in the week providing support.
At 11:13 p.m. ET (4:13 a.m. GMT), gold futures were up 0.36% at $1,805.25.The dollar, which normally moves inversely to gold, edged lower on Tuesday. The yield on 10-year government bonds fell to 1.778% from a near two-year high of 1.808%.
Investors are now waiting for the nomination hearing of acting Fed Chair Jerome Powell before the US Senate Banking Committee later today for fresh clues on the timing and pace of monetary tightening. Fed Vice Chair nominee Lael Brainard's hearing before the committee will take place on Thursday.
Goldman Sachs Group Inc. now expects the Fed to raise rates four times in 2022, as do analysts at J.P. Morgan and Deutsche Bank.
On the data front, the US consumer price index and the Fed's Beige Book will be released on Wednesday, with the producer price index following a day later.
In Asia-Pacific, China will release consumer and producer price indices on Wednesday, while retail sales in Australia increased 7.3% month on month in November, with the trade balance standing at A $9.423 billion.
In other precious metals, silver rose 0.4%, platinum 1%, and palladium 0.5%.