Gold prices rose on Tuesday, May 21, hovering near a record high hit in the previous session as fresh economic data bolstered bets that the U.S. Federal Reserve will start cutting interest rates later this year.
Spot gold rose 0.1% to $2,428.14 an ounce, while US gold futures fell 0.3% to $2,431.80.
Next Fed Decision
Investors are looking for more clues on the path of US interest rates following cautious comments from US Federal Reserve officials even as signs of slowing inflation emerge.
Fed officials are reluctant to say inflation is heading toward the Fed's 2 percent target after data last week showed inflation slowed in April, with many calling for continued policy caution.
Other precious metals
Spot silver rose 1.3% to $32.25 an ounce, platinum fell 0.1% to $1,045.80 and palladium lost 0.4% to $1,023.25.
