Gold extended losses after posting its biggest drop in a month in the previous session, as a stronger dollar dented bullion's appeal
Spot gold was down 0.1% at $1,777.46 per ounce, as of 0054 GMT, after hitting its lowest since Aug. 8 at $1,772.30 on Monday
The currency jumped 2.3 per cent to about 35.45 per dollar this month, leading gains in Asia by a wide margin
In the past one month, the S&P BSE Sensex and the Nifty50 have gained around 8 per cent each with a large part of these gains coming via the BFSI route
Traders now expect increases in the Fed's policy interest rate to top out in December at 3.25%-3.5%
10 gram of 22-carat gold traded at Rs 47,550 on Tuesday
The unexpectedly strong US jobs data on Friday have raised the stakes for the July US consumer prices report due on Wednesday, especially for the Fed's policy outlook
The US Fed raised the target range for the federal funds rate by another 75 bps to 2.25-2.50 per cent in its July meeting. The FOMC statement has downgraded its assessment of the economic situation
Dollar index falls as a contraction in US GDP eases Fed hike fears
Gold and silver have always remained some of the precious assets to safeguard against inflation
Powell cannot afford to take his eyes off the prize - to get inflation down
At the global level, the demand for gold (excluding OTC) was 8 per cent lower y-o-y at 948 tonnes. Combined with Q1-2022, the total demand in the first half of 2022 came in at 2,189t, up 12 per cent
Markets perceive Fed as being less hawkish
CLOSING BELL: Tata Steel, Kotak Bank, IndusInd Bank, Nestle, Infosys, Asian Paints, and Tech M were the other outperformers, up between 3 per cent and 4.6 per cent
Fed Chair Powell's comments suggest slower pace of hikes going ahead, say markets
The expected 75-basis-points interest rate increase from the Federal Reserve this week will heap pressure on its Asian counterparts to speed up monetary tightening
MSCI's broadest gauge of Asia stocks outside Japan meandered just above flat. Japan's Nikkei fell 0.2% and S&P 500 futures were down 0.4%
Nasdaq closed lower on Monday after a choppy session for US equities ahead of a big week of technology earnings reports while oil prices rose
Spot gold rose 0.7% to $1,719.49 per ounce by 0724 GMT, after falling to its lowest in nearly a year last week. U.S. gold futures gained 0.6% to $1,714.30.
The latest consumer inflation (CPI) print in the US for June came in at 9.1 per cent - the highest reading since 1981, and surpassed most analysts' expectations, who had pegged this at 8.8 per cent