Gold prices were little changed on Tuesday, with investors awaiting U.S. economic data due this week that could impact the Federal Reserve’s policy path.

FUNDAMENTALS

* Spot gold was steady at $1,932.16 per ounce, as of 0020 GMT.

* U.S. gold futures were up 0.2% at $1,932.50.

* Investors’ focus is on the U.S. fourth quarter GDP growth estimates on Thursday.

* Traders are mostly pricing in that the Fed will raise rates by 25 basis points (bps) at the Jan. 31-Feb. 1 policy meeting, after slowing its pace to 50 bps in December, following four straight 75-bp hikes.

* Lower interest rates tend to be beneficial for bullion, decreasing the opportunity cost of holding the non-yielding asset. * India is expected to slash the import duty on gold to undercut smugglers who have been offering hefty discounts as illicit imports boom after COVID-19, denting the market share of banks and refiners, government and industry officials told Reuters.

* Commodities are set to generate “superior total returns” in 2023 and likely to outperform other asset classes again, driven by a fundamental shift in the global macroeconomic landscape and low inventories, analysts at Goldman Sachs said.

* Spot silver lost 0.2% to $23.40 per ounce, platinum rose 0.1% at $1,047.78, and palladium gained 0.2% to $1,707.83.