2023.01.2418:06:00UTC+00Gold Futures Settle Higher On Weak Dollar

Gold futures settled higher on Tuesday, gaining for a fourth straight session, as the dollar stayed weak amid hopes the Fed will slow the pace of interest rate hikes.

The dollar index, which dropped to 101.72 in the Asian session, recovered to 102.43 around mid morning before easing to 101.95, down by about 0.19% from the previous close.

Gold futures for February ended higher by $6.80 or about 0.4% at $1,935.40 an ounce, the highest settlement since April 21.

Silver futures for March ended up $0.195 at $23.749 an ounce, while Copper futures for March settled at $4.2485 per pound, down $0.0080 from the previous close.

Several Fed officials indicated in recent sessions that the U.S. central bank was making progress in its inflation fight and they were supportive of slowing the pace of rate rises to a more traditional quarter percentage point at the next policy meeting.

U.S. Treasury Secretary Janet Yellen said she's encouraged by a strong labor market and progress on inflation over the past six months.

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