Gold reversed course to slip on Tuesday after strong U.S. economic readings, while traders positioned for Federal Reserve Chair Jerome Powell's speech and more data that could offer clues on future interest rate hikes.
Spot gold fell 0.6% to $1,911.53 per ounce by 2:08 p.m. EDT , while U.S. gold futures settled 0.5% lower at $1,923.80.increased in June to the highest level in nearly 1-1/2 years, while new single-family home sales rose by a more-than-expected 12.2% in May.
"Gold did not like the news," said Edward Moya, senior market analyst at OANDA, as "that better economic data is going to drive those Fed tightening expectations and that should push up yields as well".Bullion edged up on Monday on risks from the short-livedBut for gold, "the key question is the extent to which the internal tensions within Russia or any potential toppling of the government might affect global monetary policy," Commerzbank analysts wrote in a note.
Gold has shed about 2.6% this month — set for a second consecutive monthly fall if losses hold — as bets for higher-for-longer U.S. interest rates dented the zero-yielding asset's appeal and overshadowed its traditional safe-haven role to some extent. Investors were awaiting Powell's upcoming speech, along with a trove of key economic data on Thursday.
"Between now and Thursday, you're going to see a drifting, no-man's-land trading, sideways market here in gold, unless something else was to break," said Bob Haberkorn, senior market strategist at RJO Futures.Platinum fell 0.2% to $922.78 and palladium was down 0.6% at $1,297.89.Deep Kaushik VakilReports on global commodities and energy markets, with a special focus on oil and gas infrastructure and the power sector.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Gold Technical Analysis: Bears\u2019 Control of Strong GoldWith the return of the strength of the US dollar, the markets confirmed that the US Federal Reserve is determined to continue raising US interest
Baca lebih lajut »
Gold gains for third session on softer dollarGold prices extended gains to a third session on Tuesday supported by a softer dollar.
Baca lebih lajut »
Rescuers save wild horse, foal trapped by Lake Powell’s rising watersA wild horse and her foal that had been stranded on a Lake Powell beach for weeks as water levels increased were rescued and taken to an animal sanctuary last week, National Park Service officials announced.
Baca lebih lajut »
AUD/USD dips on positive US economic data, market awaits Aussie CPI, Powell’s speechAUD/USD remains in positive territory but retreats from weekly highs of 0.6720, falls below the 0.6700 figure, after upbeat economic data from the Uni
Baca lebih lajut »
Gold slips as inflation fears biteGold and silver futures prices were little changed again on Tuesday though traders still worry that stubborn inflation around the world will push central...
Baca lebih lajut »
Vote by Tuesday for LA City Council's 6th District special electionThe winner will go on to replace former Council President Nury Martinez, who resigned after backlash over leaked audio tapes.
Baca lebih lajut »