WASHINGTON (dpa-AFX) - Gold prices slipped on Tuesday but held near two-week highs amid hopes that the U.S. Federal Reserve may soon pivot to monetary easing.
Spot gold dipped 0.30 percent to $3,363.51 per ounce in European trade, while U.S. gold futures were down 0.3 percent at $3,417.67.
The dollar wavered after San Francisco Federal Reserve Bank President Mary Daly called for a rate cut, saying 'every meeting going forward is a live meeting to think about policy adjustments.'
According to the CME FedWatch tool, the odds of a September cut are now at 88 percent, up from 63 percent a week earlier.
Following recent weaker U.S. economic data, markets are now pricing in at least two quarter-point reductions this year.
Traders were also reacting to U.S. President Donald Trump's announcement of slapping more tariffs on India.
Trump threatened to 'substantially' raise tariffs on goods imported from India, accusing that the country profited from Russia's war in Ukraine by purchasing large quantities of Russian oil and reselling it on the global market.
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