Last Update: June 07, 2023, 01:05 AM IST
New York, United States (USA)
US gold futures rose 0.4% to $1,981.50. The dollar index and benchmark 10-year Treasury yield rose, making dollar-priced, zero-yielding bullion less attractive.
Spot gold was up 0.1% at $1,964.27 an ounce as of 1:49 EDT (1749 GMT)
Gold prices traded in a tight range on Tuesday as investors awaited further signals to assess the interest rate path ahead of the Federal Reserve’s policy meeting next week.
Spot gold was up 0.1% at $1,964.27 an ounce at 1:49 EDT (1749 GMT).
US gold futures rose 0.4% to $1,981.50.
The dollar index and benchmark 10-year Treasury yield rose, making dollar-priced, zero-yielding bullion less attractive. [USD/] [US/]
“There’s nothing on the surface that says gold should be positive … It’s a wait and watch kind of moment,” said Philip Streibel, chief market strategist at Blue Line Futures in Chicago.
After 10 straight rate hikes, investors now expect a 79% chance the US central bank will keep interest rates on hold at its June 13-14 policy meet, according to CME Group’s FedWatch tool.
World stocks tumbled as investors wondered whether shares had legs to extend their recent rally further. [MKTS/GLOB] [.N]
OANDA senior market analyst Craig Erlam said gold was stabilizing in light of the jobs report on Friday and an eye on the Fed policy-setting meeting next week, adding that there was still uncertainty over the rate-hike path as the ISM . The data showed weakness across the board.
Traders will closely watch Consumer Price Index data due on June 13 ahead of the Fed’s rate decision.
“Next week is jam-packed with a ton of market-moving data … I’m taking a more calculated risk approach,” Streble said.
The World Bank raised its 2023 global growth forecast as the US and other major economies proved more resilient than forecast, but said higher interest rates would pose a bigger constraint next year than expected.
In other metals, spot silver was little changed at $23.57 an ounce, platinum rose 0.2% to $1,032.80, while palladium declined 0.1% to $1,412.81.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – reuters,
