Gold slipped in the morning, as an overnight rebound was largely stalled by strength in the dollar before more key signals on inflation and interest rates.\u00a0It tumbled from record highs over the past two weeks as dovish signals from other major central banks kept traders largely biased towards the dollar. The dollar index rose slightly in Asian trade and was in sight of a one-month high. Gold pressured by strong dollar ahead of PCE data, Fed comments. While the gold prices marked some gains in overnight trade, any more upward momentum was dulled by persistent strength in the dollar. Traders remained largely biased towards the dollar after dovish signals from the Swiss National Bank and the Bank of England pegged the greenback as the only high-yielding, low-risk currency. Anticipation of key PCE price index data- which is the Fed\u2019s preferred inflation gauge- and comments from top Fed officials later this week also spurred flows into the dollar, especially as traders awaited more cues on U.S. interest rate cuts. But the Fed is still expected to only begin trimming rates from June, with gold set to see limited upside in the interim. The yellow metal is still expected to benefit from lower interest rates towards the end of the year.\u00a0 <\/p>\n\n\n\n
Spot gold steadied at $2,179.98 an ounce, while gold futures expiring in April rose marginally to $2,178.60 an ounce<\/p>\n\n\n\n