Bullion hovered above the $1,700 an ounce level as it continued to be pressured by the strength of the US dollar, a sign of the prevailing caution in global markets. Still, a gauge of the greenback has retreated from a record hit last week.
Investors are awaiting the Federal Reserve’s meeting on July 26 and July 27 for a hint on how aggressive the central bank will be in raising interest rates to tackle searing inflation. For now, the latest US data reinforce policy makers’ support for another 75-basis-point hike, according to Bloomberg Economics.
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