Gold steadies below $2,000 before CPI data, Fed meeting

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CPI දත්ත, ෆෙඩරල් රැස්වීමට පෙර රන් ඩොලර් 2,000 ට වඩා අඩු අගයක් ගනී

Gold prices moved little on Tuesday, with the yellow metal nursing a sharp fall away from record highs as markets hunkered down before key U.S. inflation data, as well as a Federal Reserve interest rate decision.

Gold lost the coveted $2,000 an ounce level this week as markets second-guessed bets that the Fed will cut interest rates by as soon as March 2024. These bets had briefly driven gold to record highs of over $2,100 an ounce earlier this month.

But gold plummeted sharply from record highs over the past week, as signs of resilience in the U.S. economy saw markets betting that the Fed will have more space to keep rates higher for longer.

This notion supported the dollar and also spurred some risk-taking, which pressured gold prices.

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