As investors watched the U.S. Federal Reserve's policy meeting minutes and important inflation statistics for clues on the timing and extent of interest rate decreases, gold prices moved up on Tuesday, but marginally below a record high.
Spot gold touched a record high of $2,353.79 on Monday; it was up 0.1% at $2,340.09 per ounce.
American gold futures increased by 0.3% to $2,358.80 an ounce.
Due on Wednesday are the U.S. CPI statistics and the minutes of the Fed's March policy meeting, which may provide insight into when the rate reduction that have been widely anticipated may occur.
According to a survey from the Fed Bank of New York, Americans' view for inflation last month was mixed due to forecasts for more price increases across a range of essential products and services.
According to LSEG data released on Monday, futures traders have lowered their wagers on the extent to which the Fed will lower rates this year to the lowest point since October.
Having non-yielding gold becomes less appealing when interest rates rise.
According to the central bank of China, 160,000 troy ounces of gold were added to reserves in March. This move aligns with the market's belief that the recent surge in gold was driven by sustained demand from the official sector.
As of settlement on April 9, the Shanghai Gold Exchange will increase the margin requirement for some silver futures contracts from 10% to 12%.
As a result of reduced duties, India's imports of silver increased by 260% in February to a record high, primarily from the United Arab Emirates.
On Monday, a minor increase in the global equity index coincided with sluggish Wall Street equities as U.S. bond rates reached their highest points since late November and market confidence on the prospect of Fed rate cuts faded.
Spot silver remained unchanged at $27.85 per ounce, while palladium increased by 0.8% to $1,050.76 and platinum increased by 0.9% to $966.71.
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