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FX.co ★ Gold Inches Higher As Dollar Rally Pauses

Gold Inches Higher As Dollar Rally Pauses

Gold edged higher on Tuesday as the dollar eased for a third day running after climbing to a two-decade high last week.

Spot gold edged up 0.2 percent to $1,828.42 per ounce, while U.S. gold futures were up 0.7 percent at $1,827.06.

Fed speakers including Chairman Jerome Powell and other policymakers will speak later in the day, with investors watching for new clues about central-bank thinking on the interest-rate trajectory. G-7 finance ministers and central bankers are also due to meet on Wednesday.

On Monday, New York Fed President John Williams downplayed deteriorating liquidity conditions in financial markets, saying this was to be expected.

He reiterated his view that the central bank will need to forcefully tighten monetary policy to contain inflation.

Earlier today, minutes from the RBA's May meeting showed the central bank could further increase interest rates in June.

U.S. NAHB housing market index for May, business inventories data for March, retail sales and industrial production for April will be released in the New York session.

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