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PRECIOUS-Gold prices tick lower on dollar strength

June 29 (Reuters) - Gold inched down on Wednesday in range-bound trading, as sustained strength in the dollar kept investors away from greenback-priced bullion. FUNDAMENTALS * Spot gold was down 0.1% at $1,818.74 per ounce by 0105 GMT. U.S. gold futures also eased 0.1% to $1,820.30. * The U.S. dollar was steady after sharp gains on Tuesday, making gold less attractive for buyers holding other currencies. [USD/] * Gold prices were hemmed into a tight range in the previous session as investors were caught between pressure from prospects of higher interest rates and support from recession risks. * U.S. Federal Reserve policymakers promised further rapid interest-rate hikes to bring down high inflation on Tuesday, but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn. * Although gold is seen as an inflation hedge, higher interest rates and bond yields raise the opportunity cost of holding bullion, which yields no interest. * Benchmark U.S. 10-year Treasury yields eased, providing some support to gold. [US/] * The United States imposed sanctions on more than 100 targets and banned new imports of Russian gold, acting on commitments made by the Group of Seven leaders this week to further punish Russia over its invasion of Ukraine. * U.S. consumer confidence dropped to a 16-month low in June, as worries about high inflation left consumers to anticipate that the economy would slow significantly or even slide into recession in the second half of the year. * Spot silver dipped 0.3% to $20.78 per ounce, while platinum rose 0.6% to $915.72, and palladium gained 0.8% to $1,889.46. DATA/EVENTS (GMT) 0130 Australia Retail Sales MM Final May 0900 EU Consumer Confid. Final June 1200 Germany CPI Prelim YY June 1200 Germany HICP Prelim YY June 1230 US GDP Final Q1 (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Rashmi Aich) ((BharatGovind.Gautam@thomsonreuters.com)) Keywords: GLOBAL PRECIOUS/ The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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