Gold prices extended their gains on Tuesday, supported by China’s commitment, as the world’s largest gold consumer, to boost economic stimulus measures to sustain growth.
In spot trading, gold rose 0.5% to $2,671.03 per ounce, while U.S. gold futures increased by 0.3% to $2,693.50. Among other precious metals, silver climbed 0.6% to $31.98 per ounce. Meanwhile, platinum fell 0.4% to $935.02, and palladium edged down 0.1% to $972.25.
On Monday, gold prices hit a two-week high, driven by the Chinese central bank’s resumption of gold purchases after a six-month hiatus.
Investors are closely watching upcoming U.S. inflation data for additional clues on the Federal Reserve’s stance regarding interest rates.
