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Gold inches lower on firm dollar, Fed hawkish stance

Gold is seen as a hedge against inflation, though a rate hike by the Fed will increase the opportunity cost of holding bullion and dull its appeal.

June 29, 2021 / 07:49 AM IST
Representative Image

Representative Image

Gold prices eased on Tuesday, as a firmer dollar made bullion expensive for holders of other currencies while concerns that the U.S. Federal Reserve will tighten its monetary policy sooner than expected also dented the metal's appeal.

Gold is seen as a hedge against inflation, though a rate hike by the Fed will increase the opportunity cost of holding bullion and dull its appeal.

FUNDAMENTALS

* Spot gold was down 0.2% at $1,775.42 per ounce, as of 0100 GMT. U.S. gold futures fell 0.2% to $1,776.40.