Gold prices were flat Tuesday as cautious market participants awaited fresh cues from top central banks on their monetary policy plans, especially from the Fed.
The Fed, which meets on May 2-3, is widely expected to raise interest rates by 25 basis points.
Gold prices could move towards $2,000 if the Fed highlights recession worries and hints at a pause in the rate hike cycle, said Ajay Kedia, director at Kedia Commodities in Mumbai. U.S. manufacturing contracted in April but there was a build-up of inflation pressures, supporting expectations of Fed rate hike, according to data released on Monday.Bullion is known as a hedge against inflation and economic uncertainties, but rising rates tend to diminish demand for the zero-yielding asset.
In the previous session, gold prices briefly rose above $2,000 after JP Morgan's acquisition of First Republic Bank's assets.
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