Gold prices inched higher on Tuesday, the dollar fell broadly, and global bond yields were mixed as investors awaited speeches from top Fed officials as well as the all-important U.S. consumer price inflation report due later in the day for further clarity on the Federal Reserve's rate-hike path.
Expectations hint at softer print after a newly released New York Federal Reserve consumer survey showed on Monday that Americans have lowered their expectations for future income growth.
Spot gold rose half a percent to $1,863.32 per ounce while U.S. gold futures were up half a percent at $1,873.40.
U.S. consumer prices are expected to show a monthly increase in January, although the annual rate of growth is expected to slow to 6.2 percent from 6.5 percent in the previous month.
A hotter-than-expected reading might force the Fed into a more aggressive posture. Options trades show some investors are anticipating a peak rate of 6 percent by September.
In Europe, euro area employment and revised gross domestic product data covering the last quarter of 2022 are due.
Germany's wholesale prices increased at the slowest pace in twenty-one months in January, Destatis reported earlier today.
The wholesale price index rose 10.6 percent year-on-year in December, slower than the 12.8 percent rise in November.
Elsewhere, new data showed that U.K. employment rate remained steady in the final three months of 2022.
