WASHINGTON (dpa-AFX) - Gold prices were subdued on Tuesday as the dollar's strength offset a retreat in U.S. Treasury yields.
Spot gold dipped 0.3 percent to $1,803.18 per ounce, while U.S. gold futures were marginally higher at $1,803.30.
The euro slumped to a two-decade low as the latest surge in European gas prices added to worries about a recession.
Investor morale across the 19-country euro zone plunged to its lowest level since May 2020, pointing toward an 'inevitable' recession.
A survey showed business growth across the euro zone slowed further last month, partly due to inflationary pressures.
Central bank action remained in focus after the Reserve Bank of Australia raised its cash rate by 50 basis points to 1.35 percent, its third successive increase to combat inflation, and flagged more tightening ahead.
The Bank of England said in its latest biannual Financial Stability Report that the global economic outlook has 'deteriorated materially' and that banks should ramp up capital buffers to ensure they can weather the storm.
The Fed releases the minutes of its latest policy-setting meeting on Wednesday while the minutes of the ECB's previous policy meeting are due on Thursday.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
