[ad_1]
Gold prices traded slightly on Tuesday as the U.S. dollar weakened and Treasury yields eased while traders awaited the release of U.S. inflation data due out Wednesday morning in New York.
Price action
-
Gold futures for August delivery
GC00,
+0.37% GCQ23,
+0.37%
gained $4.70, or 0.2%, to $1,935 per ounce on Comex. -
Silver futures for September delivery
SI00,
+0.15% SIU23,
+0.15%
shed 7 cents, or 0.3%, to $23.28 per ounce. -
Palladium futures for September
PAU23,
-0.54%
were off by $14, or 1.1%, to $1,222 per ounce, while platinum futures for October delivery
PLV23,
-0.11%
fell by $3.60, or 0.4%, to $931 per ounce. -
Copper futures for September delivery
HGU23,
-0.24%
fell by 2 cents, or 0.4%, to $3.77 per pound.
Market drivers
Gold and silver received a modest bump from a coterie of factors, including a weaker U.S. dollar and lower Treasury yields.
“Gold prices are higher and silver is slightly up in early U.S. trading Tuesday. Both precious metals are being supported by bullish daily outside market forces that see the U.S. dollar index weaker, crude oil prices firmer and U.S. Treasury yields down a bit,” said Jim Wyckoff, senior analyst at Kitco.com.
The ICE U.S. Dollar Index
DXY,
a closely watched gauge of the dollar’s strength, was modestly lower at 101.95. The yield on the 10-year Treasury note
TMUBMUSD10Y,
was off by 3.5 basis points at 3.975%.
Traders are looking ahead to Wednesday’s U.S. June inflation report, which is expected to show headline inflation easing to 3.1% while core consumer prices in the U.S. grew by 5% last month, down slightly from May. If the numbers meet expectations, it would represent yet another sign that inflation has continued to ebb, albeit slowly, from its highest rate in more than four-decades reached last summer.
[ad_2]
Source link
