Investor.com – Gold prices were slightly lower on Tuesday, as investors look ahead to U.S. inflation data later in the day for clues on inflation and how fast the U.S. Federal Reserve might raise rates.
Gold futures for April delivery on the Comex division of the New York Mercantile Exchange slipped $1.2, or 0.08%, to $1,319.60 a troy ounce by 12:15am ET.
The U.S. dollar index that tracks the greenback against a basket of six major currencies gained 0.12% at 90.01 in afternoon trade after dropping below the 90 mark earlier in the day as concerns over a potential trade war caused by new U.S. tariffs on imported steel and aluminum faded.
US inflation expectations grew higher last month, as a survey by Federal Reserve Bank of New York revealed an inflation measure hit its highest level in a year, adding to signs of price pressures.
Meanwhile, Asian equities were mostly lower on Tuesday. Nikkei was the exception as it outperformed its peers and jumped 2.2% higher. Japan’s cronyism scandal involving prime minister Shinzo Abe and finance minister Taro Aso continued to receive attention as Aso was reportedly considering to skip a G20 meeting in Buenos Aires next week. Aso and Abe were under pressure after news on Monday suggested the finance ministry had altered a state-own land’s sale record that tied to Abe’s wife.