Gold Price News: Gold Nudges Higher, Struggles Above $2,360

Gold prices edged slightly higher on Tuesday, with the market largely in consolidation mode after last week’s sharp losses.

Prices nudged higher to $2,364 an ounce on Tuesday before easing back to $2,356 an ounce later in the day. That compared with around $2,353 an ounce in late deals on Monday.

The gold market appeared to be in wait-and-see mode ahead of economic data set for release later in the week.

Thursday will see US GDP growth figures released for Q1 as well as weekly initial jobless claims figures. Then on Friday, the markets will be watching out for the latest US PCE price inflation figures, all of which will play into expectations of interest rate changes by the US Fed as it tries to bring inflation down to target levels before cutting rates.

Weakness in the US dollar on Tuesday provided some initial support for gold, but the greenback rebounded later on Tuesday afternoon, which may have capped the gains for the yellow metal, which struggled to hold onto gains above the $2,360 an ounce mark.

Elsewhere, precious metals prices continued to take a degree of support from ongoing geopolitical risks.

Israeli tanks moved into the southern Gazan city of Rafah, according to news reports on Tuesday, in an ongoing clash with militant group Hamas. The latest moves followed what appeared to be an Israeli air strike that hit a camp for displaced people in Gaza over the weekend, which drew widespread international condemnation.

Any actions that risk a wider flare-up in hostilities can be supportive for perceived safe haven investments like gold.