Gold prices slipped on Tuesday

(MENAFN- MENAFNEditorial) Gold prices slipped on Tuesday, although they remain within the range recorded during the previous few weeks. The metal could remain under some pressure as crude prices returned to the upside, keeping inflationary pressures in place and reinforcing hawkish monetary policy expectations.

Investors will keep an eye’on next week’s Federal Reserve meeting for hints on the US interest rate outlook. Although the Fed is widely expected to leave rates steady, attention will likely remain on clues regarding another possible increase in December. Other major central banks are also meeting, and their decisions could impact expect’tions and gold’s direction.

In the meantime, yields in the US and Europe could continue to weigh on the metal, as they remain elevated despite the recent softening. Further declines in yields could provide gold with some relief.

Looking ahead, ’he Federal Reserve’s decision next week will be the key focus for markets, followed by the PCE inflation data. A dovish tone can weaken yields and help steady gold, whereas strong readings may strengthen the dollar and weigh on the metal. Oil prices and Middle East supply disruptions remain key short-term drivers for inflation, monetary policy expectations and gold.

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