By Gina Lee
Investing.com – Gold was up on Tuesday morning in Asia as U.S. Treasury yields and the gained ahead of the latest inflation figures. The data could provide clues as to how far the U.S. Federal Reserve will continue tightening monetary policy.
gained 0.61% to $1,960.10 by 12:46 AM ET (4:46 AM GMT) after hitting a near one-month high of $1,968.91 on Monday.
The dollar, which normally moves inversely to gold, inched up on Tuesday, topping the 100 mark and near two-year highs. The benchmark also rose on Monday to its highest in more than three years.
Investors now await the U.S. , due later in the day, for clues as to how far the Fed will tighten its monetary policy.
Chicago Fed President said quicker interest rate hikes to combat inflation is worth debating, with Fed Governor Christopher Waller adding that the central bank is doing all it can to avoid “collateral damage” from raising interest rates, a “brute-force tool” that can act as a “hammer” on the economy.
Other Fed policymakers will also speak, including Fed Governor Lael Brainard and Richmond Fed President Thomas Barkin later in the day, with Cleveland Fed President Loretta Mester and Philadelphia Fed President Patrick Harker following on Thursday.
Several central banks will also hand down their policy decisions during the week. They include the and the on Wednesday, followed by the and the a day later.
Meanwhile, Ukraine said that it is bracing for an imminent fresh Russian offensive in the eastern Donbas region, the latest development in a war precipitated by the Russian invasion on Feb. 24.
In other precious metals, was down 0.4% at $24.97 while inched up 0.1%. rose 0.7% to $2,448.14 after hitting a peak of $2,550.58 during the previous session, its highest since Mar. 24. London barred the trading of newly refined Russian platinum and palladium from Friday.