Traders take a position on US inflation data and the Federal Reserve's policy decision. Meanwhile, gold remains within a narrow range.

Gold rose slightly as the dollar fell on Tuesday, but did not have the momentum to break out of its recent narrow range. Spot gold rose 0.3% to $1,962.59 per ounce at 0814 GMT. U.S. gold futures gained 0.3% to $1,975.80. The dollar fell by 0.3% to its lowest level in three weeks, making green-priced bullion more attractive to foreign buyers

While gold is considered to protect against inflation, higher interest rates to reduce price pressures generally weigh on the attractiveness of this zero-return asset. However, traders estimate that there is a 56% chance of a rate hike of 25 basis points in July. Gold denominated in euros and pounds sterling fell by around 0.2%.

Silver rose 0.6% to $24.19 per ounce, platinum gained 0.4% to $993.61, and palladium rose 0.7% to $1,358.72. ANZ expects platinum prices to approach $1,150 per ounce and palladium to $1,420 per ounce by the end of the