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Gold slips to about $4,170 as the dollar firms and oil rises
Gold retreated from a one-week high after the US dollar strengthened and crude prices climbed to a two-week high, while traders looked ahead to key US inflation data for Fed-rate clues.
Gold prices fell to around $4,170 during the early Asian session on Tuesday, moving lower after a one-week high, according to FXStreet.
The selloff was linked to a stronger US dollar and higher crude oil prices, with oil jumping to a two-week high amid expectations for a Russia-Ukraine energy ceasefire and reports of renewed Houthi attacks in Saudi Arabia.
FXStreet also noted that traders are waiting for key US inflation data later this week, which could clarify the Federal Reserve interest-rate trajectory. The outlet said gold offers an inflation hedge but pays no interest, which can make it less attractive when rates are expected to stay high.
Despite the decline, FXStreet pointed to potential support from demand, including inflows into gold-backed ETFs reaching a four-year high, and said the Chinese central bank added 740,000 ounces to its reserves.
Latest closeGold $4,157.80 ▲0.4%|WTI crude $91.10 ▲3.2%