WASHINGTON (dpa-AFX) - Gold prices rose slightly on Tuesday and the dollar was little changed amid bets that central banks would not push global economies into recession by raising interest rates.
Spot gold rose 0.4 percent to $1,929.86 per ounce, while U.S. gold futures were up 0.4 percent at $1,937.50.
The Reserve Bank of Australia held rates steady earlier today, with Governor Philip Lowe saying that inflation had 'passed its peak'.
While recent U.S. data pointed to a resilient U.S. economy, slowing inflation added to optimism about the outlook for interest rates.
Weaker-than-expected U.S. economic data released on Monday, including PMIs, have added to expectations that the Federal Reserve may rethink its rate trajectory. U.S. markets remain closed today for the Independence Day holiday.
Looking ahead, traders await the minutes of the June FOMC meeting due on Wednesday followed by the U.S. monthly jobs data on Friday for clarity on U.S. interest rates.
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