Following the previous session's increase, gold prices made another modest upward adjustment during Tuesday's trading. Gold set for April delivery saw a rise of $6.30 or 0.3 percent, settling at $2,050.90 an ounce after Monday's increase of $8.50 or 0.4 percent, which closed at $2,044.60 an ounce.
The slight rise in gold prices occurred along with a decrease in the U.S. dollar's value. The U.S. dollar index dipped 0.2 percent, settling at 103.41.
Additionally, gold prices saw another increase as traders eagerly awaited the Federal Reserve's important monetary policy announcement set for Wednesday. The Federal Reserve is expected to maintain interest rates, but their accompanying statement could significantly influence future rate predictions.
There's been a decline in optimism concerning a March interest rate cut, with several economists now predicting that the Federal Reserve may delay rate cuts until May.
Turning to the U.S. economy, the Labor Department reported an unexpected soar in job openings for December this morning. Contrary to economists' expectations of a decline, job openings reportedly increased to 9.03 million in December from 8.93 million in November.
A separate report from the Conference Board stated a consistent rise in U.S. consumer confidence in January. Their consumer confidence index rose to 114.8 in January, up from 108.0 in December. This increase marked the third consecutive month of growth, reaching its highest level since December 2021.
