Gold prices traded higher Tuesday after the most-active futures contract briefly touched its lowest level since March overnight.
Price actionMarket drivers Gold prices have retreated for most of May as the dollar has strengthened and Treasury yields have risen partly driven by the lack of progress on a U.S. debt ceiling deal in Congress, though the agreement announced Saturday night allowed bill yields to ease Tuesday.Price action Market drivers Gold prices have retreated for most of May as the dollar has strengthened and Treasury yields have risen partly driven by the lack of progress on a U.S.
The U.S. dollar DXY has risen over the past month, but a closely watched gauge of the greenback’s value against major currencies was trading slightly lower on Tuesday. The ICE U.S. Dollar Index was off by 0.2% at 103.98. Meanwhile, the yield on the 10-year Treasury note BX:TMUBMUSD10Y was off by 9.4 basis points at 3.712%.
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