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- Gold prices held steady on Tuesday as the dollar eased, while investors looked forward to key U.S. inflation data that could offer clues on how soon the Federal Reserve can cut interest rates.
However, in the short term, spot gold is still more skewed towards the positive side rather than the negative side and $2,310 is a key short-term support for this week, Wong added. Fed meeting minutes released last week showed that the policy response, for now, would involve maintaining the benchmark policy rate at its current level but also reflected discussions of possible further hikes.
Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.
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