The possibility of more trouble for the global economy also piled pressure on industrial metals, which joined the flight from risk assets. Zinc is heading for its lowest close since November, while copper also retreated.
Traders will be closely watching US inflation data due later Tuesday, with the market now expecting the banking-sector turmoil will prompt the Fed to implement a quarter-point hike at its March 21-22 policy meeting, rather than return to a half-point increase. While the CPI data"remains critical, we view recent market events as more structurally supportive for gold prices," Citigroup’s Doshi said in the note.
Spot gold dropped 0.6% to $1,902.74 an ounce as of 1:40 p.m. in Shanghai and the Bloomberg Dollar Spot Index rose 0.2%. Copper fell 1.2% and zinc was down 0.5%. We live in a world where facts and fiction get blurred In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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