Gold prices inch up as Treasury yields edge lower
Gold prices inched up on Tuesday as Treasury yields edged lower, with investors eagerly looking forward to economic data and comments from Federal Reserve officials to gauge the U.S. central bank’s interest rate cut timeline.
Spot gold was up 0.1% at $2,320.60 per ounce, with U.S. gold futures rising 0.3% to $2,335.20. The decrease in benchmark 10-year U.S. Treasury yields to 4.2673% has made non-yielding bullion more attractive for investors.
Insight: Investors are closely monitoring upcoming comments from key Federal Reserve officials, including New York Fed President John Williams and Fed Governor Lisa Cook. Fed Chair Jerome Powell’s semi-annual testimony on monetary policy on July 9 is also anticipated to provide further clarity on the central bank’s stance.
Economic Data to Watch
Investors are focusing on the release of U.S. retail sales data scheduled for 1230 GMT, as well as weekly jobless claims on Thursday and flash purchasing managers’ indices on Friday. These reports could offer valuable insights into consumption patterns and overall economic strength.
Silver, platinum, and palladium updates
In the precious metals sector, spot silver fell 0.1% to $29.47 per ounce, while platinum rose 1% to $974.55 and palladium gained 0.1% to $889.69.
Upcoming Data/Events
Key data/events to watch include the release of U.S. Retail Sales for May and U.S. Industrial Production Year-on-Year for May. These reports will likely influence market sentiment and gold prices in the coming days.
