Bengaluru — Gold prices inched down on Tuesday on expectation of further US interest rate increases this year. Spot gold was down 0.1% at $1,319 an ounce by 3.14am GMT, after falling as far as $1,315.40 early in the session. Last week, prices touched their highest since September 15 at $1,325.86. US gold futures were mostly unchanged at $1,320 an ounce. The dollar hit a more than one-week high against a basket of other major currencies on Monday, pressuring gold. But the greenback fell to a session low of ¥112.49 on Tuesday after the Bank of Japan trimmed the amount of its buying of Japanese government bonds. And the dollar index inched down 0.1%. Investors are betting on further US interest rate hikes after Friday’s payrolls data did nothing to challenge the outlook for monetary policy tightening by the US Federal Reserve. Atlanta Fed president Raphael Bostic, a voting member of the central bank’s policy board, said on Monday that two hikes might be needed in 2018, in light of weak...
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