Gold Prices Steady Amid Fed Uncertainty and Middle East Tensions

Gold prices remained steady on Tuesday as investors struggled to determine the Federal Reserve's interest rate path. The precious metal has been stuck in a narrow range between $4,000 and $4,100 over the past few weeks.

Senior analyst Ricardo Evangelista of ActivTrades stated that 'gold prices have been stuck in a narrow range over the past few weeks, trading roughly between $4,000 and $4,100, as investors remain uncertain about the Federal Reserve's interest rate path.'

Federal Reserve Bank of New York President John Williams expressed optimism that inflation pressures would ease gradually. However, he emphasized that if they do not, the central bank will raise rates.

Markets are awaiting key economic data releases this week, including job opening data and nonfarm payrolls figures on Friday. The latest attack on shipping in the Strait of Hormuz has raised concerns about global energy flows and inflation worries.