Markets are waiting for the US to release important inflation data as a basis for assessing the future interest rate policy of the Federal Reserve. The dollar exchange rate is stable, and the spot gold price rose on Tuesday.
The New York futures gold closed up $0.80, at $2,177.2 per ounce. Spot gold rose as high as nearly $2,200.18 per ounce, reaching a two-day high, with a rise of 1.3%. It closed at $2,178.77, up 0.32%.
The market's focus is on the US's release of the Personal Consumption Expenditure (PCE) price data in February on Friday. The data may affect the future interest rate decisions of the Federal Reserve. Currently, the market expects that the PCE will rise by 0.3% monthly and 2.8% annually in February.
The US dollar index rose to 104.5 at one point, then retreated to 104.1. The news is slightly bullish for the gold price.
