Gold lingers near seven-week low ahead of US economic data

Gold steadied on Tuesday but hovered at a more than ‌seven-week low on concerns that the Federal Reserve may keep interest rates higher for longer, while investors awaited a slew of US economic data.

Geopolitical developments will "remain crucial ⁠for gold, as continued tensions could keep energy prices and yields elevated, while ​meaningful progress towards de-escalation could ease pressure," said Christopher Tahir, senior market strategist at ​Exness."Persistent price pressures combined with resilient activity would reinforce expectations that central banks need ⁠to ​remain restrictive, keeping yields elevated and leaving gold ​vulnerable to further losses," Tahir added.