Gold prices were flat on Tuesday, after declining more than 1% in the previous session hit by an uptick in risk appetite, while investors awaited meetings by policy-makers later in the week for clues on possible interest rate cuts.
Boston Federal Reserve Bank President Eric Rosengren on Monday signalled no willingness to support further interest rate cuts, saying that U.S. economic conditions are still good and that easing policy could encourage a worrying debt build-up.
Investors are now focused on the U.S. Federal Reserve meeting’s minutes due on Wednesday. They will also watch the Fed’s Jackson Hole seminar and a Group of Seven summit this weekend for clues on monetary policies by central bankers. [Technically] :- Spot gold may test a support at $1,483 per ounce, a break below which could cause a fall to $1,467, according to Reuters technical analyst Wang Tao.
Gold price achieved a clear break at $1,508 and settled below it, and may retest the support area at $1,493, break it could lead us to $1,485.
Silver fell 0.1 percent to 16.92, Platinum rose 0.1 percent to 855.00.