Gold Holds Near Seven-Week Low as Markets Await US Data

Gold prices edged higher on Tuesday but remained close to a more than seven-week low as investors assessed the possibility of US interest rates staying elevated for longer and awaited key economic data for clues on the Federal Reserve’s policy outlook.

Spot gold rose 0.4% to $4,130.58 per ounce by 0407 GMT, after falling to its lowest level since August 5 in the previous session. US gold futures declined 0.2% to $4,162.20.

Oil prices also advanced for a second consecutive session, while separate talks involving the United States and Iran with mediators continued in an effort to end the ongoing conflict.

Meanwhile, Federal Reserve Governor Lisa Cook warned of further inflationary pressures, adding to market concerns over the path of interest rates.

Investors are now focused on upcoming US economic indicators for further signals on inflation, growth and the Fed’s next policy moves.