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Gold Inches Higher As Dollar Slips

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Gold inched higher on Tuesday, though the upside remained capped by worries about potential rate hikes from the U.S. Federal Reserve.

Spot gold edged up 0.3 percent to $1,903.27 a barrel, while U.S. gold futures were up 0.4 percent at $1,904.20.

The dollar index backed off March 2020 highs after China’s central bank pledged to support the economy through targeted financing for small businesses and a quick resolution of the ongoing crackdown on technology firms.

On Monday, the central bank reduced the reserve requirement ratio by 100 basis points to 8 percent in a bid to support liquidity.

On the Covid-19 front, Beijing has rolled out mass Covid testing for nearly 20 million residents in most of the city, raising fears about a potential wider lockdown that could crimp growth and earnings.

The Chinese mainland reported 1,908 new locally transmitted confirmed COVID-19 cases and 52 more deaths in the past 24 hours.

In economic releases, U.S. reports on durable goods orders, consumer confidence and new home sales are due later in the session.

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