WASHINGTON (dpa-AFX) - Gold edged up slightly on Tuesday after falling for two straight sessions.
Spot gold rose half a percent to $2,646.52 per ounce following a near 1 percent decline in the previous session. U.S. gold futures were up 0.3 percent at $2,668.10.
Investors pinned hopes for more interest-rate cuts despite hawkish comments by Federal Reserve Chair Jerome Powell.
Powell said in remarks prepared for delivery at a National Association for Business Economics conference in Nashville, Tennessee on Monday that the risks are two-sided and the Fed will continue to make interest-rate decisions meeting by meeting.
The U.S. dollar rose against key peers in European trading ahead of the release of manufacturing and job openings data later in the day.
Earlier today, flash data from Eurostat showed Eurozone inflation eased more than expected in September, backing investor bets that interest rates may be lowered more quickly than previously anticipated.
ECB President Christine Lagarde on Monday hinted at another cut in interest rates at the Bank's next policy meeting in October, citing falling inflation and data pointing to an economic slowdown in the region.
Middle East tensions also remained on investors' radar after Israel launched ground operation in southern Lebanon.
Goldman Sachs has raised its gold price forecast to $2,900 per ounce from $2,700 per ounce for early 2025, citing faster declines in short-term interest rates in Western countries and China, and higher central bank purchases.
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