Gold prices moved little in Asian trade, hovering well below recent record highs as investors remained largely biased towards the dollar before more cues on the Federal Reserve and inflation.

The yellow metal saw limited safe haven demand amid some expectations of a Israel-Hamas ceasefire, especially as the U.S. now appeared to be making a greater effort to broker a deal. The Biden Administration reportedly suspended arms exports to Israel over its attacks on Rafah.

But the biggest pressure on gold remained the prospect of high for longer U.S. interest rates, especially after several Fed officials warned of such a scenario.

Spot gold rose 0.2% to $2,313.51 an ounce, while gold futures expiring in June fell 0.1% to $2,320.60 an ounce by 00:21 ET (04:21 GMT).

Gold prices muted with more Fed speakers, CPI data on tap

The yellow metal saw little love as a string of Fed officials warned that sticky inflation will deter any plans to cut rates in the near-term.

Source : Investing.com