Gold futures were a little higher Tuesday early morning as U.S stocks were set for a rough start following the other day’s rebound.
On a day bereft of first-tier economic data, a speaker from the Federal Reserve was again the focus of traders.
Cleveland Fed President Mester said she sees inflation slowly moving up to 2% target over next one to two years. That suggests the Fed needs to raise interest rates at a speed “comparable” to last year’s three modest rate walkings, she added.
Gold was up $4 at $1330 an ounce, additional trimming lst week’s decrease. Gold rates have been fairly stable during the current collpse in U.S. stocks. The precious metal is valued in times of financial unpredictability or market changes.
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