Gold prices rose during trading on Tuesday, supported by the possibility of the Federal Reserve cutting interest rates in 2024, while investors await a series of economic data this week for more clarity on the expectations of the US interest rate path.
Gold's short-term uptrend remains above the key support level of $2,017 per ounce, said Kelvin Wong, chief market analyst for Asia-Pacific at OANDA.
Prices of the yellow metal rose 13 percent in 2023 to record their first annual gain since 2020 as hopes that the US central bank may cut interest rates as early as March increased demand for safe haven assets.
Investors are now focusing on the minutes of the Fed's latest meeting scheduled to be published next Thursday to get more signals about interest rate cuts this year.
