Ella 
In the Asian market on Tuesday, gold prices continued to struggle, failed to gain significant momentum, and continued to fluctuate. Increasingly, investors believe the Federal Reserve will keep interest rates higher for longer, amid signs that inflation is continuing, which could help the dollar attract some bargain hunting. In addition, the easing of tensions in the Middle East is also negative for safe-haven precious metals. However, the dollar’s downside remains contained as investors tend to wait for clues on the path of the Fed’s interest rate cuts before launching bets in a new direction.
Therefore, market focus remains on the key two-day Federal Reserve monetary policy meeting starting today, as well as the blockbuster US monthly employment data, commonly known as the Non-Farm Payrolls (NFP) report, to be released on Friday. This will play a key role in influencing U.S. dollar demand in the near term and provide some meaningful impetus to gold prices, a zero-yielding asset. Heading into a critical central bank/U.S. data risk period, U.S. economic data on Tuesday, including the Chicago PMI and Conference Board Consumer Confidence Index, may provide short-term trading opportunities.
