Gold prices eased in a narrow range on Tuesday as traders assessed comments from U.S. central bank officials on interest rates staying high.
Fed members continue to push back on rate cuts this year and that is pushing gold slightly lower, said Matt Simpson, a senior market analyst at City Index, adding gold's failure to hold above the previous record high has shaken confidence.hinted that its marathon hiking cycle may be ending.on Monday signaled they see interest rates staying high and, if anything, going higher, given inflation that may be slow to improve and an economy showing only tentative signs of weakness.
While gold is considered a hedge against inflation, rising interest rates dull the non-yielding bullion's appeal. "Hopes remain of a resolution whilst talks continue, but at the same time the risk of a U.S. default lingers as Democrats and Republicans run down the clock, and that has gold in a holding pattern," Simpson added.
Market participants were closely following developments in the debt ceiling debate, with President Joe Biden and Republican House of Representatives Speaker Kevin McCarthyAlso on investors' radar were U.S. retail sales and industrial production data for April.
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