Gold prices edged up on Tuesday, hovering slightly below a record high as investors awaited the U.S. Federal Reserve’s policy meeting minutes and key inflation data for cues on the timing and depth of interest rate cuts. Spot gold was up 0.1% at $2,340.09 per ounce as of 0051 GMT, after hitting a record high of $2,353.79 on Monday. The U.S. CPI data and the minutes of the Fed’s March policy meeting are due on Wednesday, which could help gauge the timing of the widely-expected rate cuts.
The Sensex rallied by 491 points and closed at 71,848, driven by foreign fund buying despite a weak overnight close for Wall Street stocks. Banking & financial stocks contributed the most to the gain. Minutes of the US Fed’s last meeting indicating rate cuts in 2024 cheered local investors. The market rebounded from its two-day fall, led by a rally in real estate stocks.
