Tuesday's Asian trading saw little movement in gold prices as investors anticipated further information on U.S. monetary policy and inflation this week. Copper, however, edged up on forecasts that China, the world's largest importer, will increase its government spending.

Spot gold muted at $1,925.14 per ounce, while gold futures steadied at $1,930.55 per ounce.

A lower beyond projections nonfarm payrolls report hurt the dollar and raised optimism that the Federal Reserve was nearing the end of its cycle of rate hikes, but the price of gold held steady at $1,900 an ounce.

Officials from the Fed, however, stated that in order to combat excessive inflation, the bank would still need to hike rates in the near future. A Fed rate hike of at least 25 basis points later in July is widely anticipated by the markets.

In light of the fact that rising interest rates increase the opportunity cost of storing non-yielding assets, they are not good for metal prices. This idea hurt gold prices through 2022 and caused them to trade in a narrow range for the most of 2023.