GOLD prices inched up on Tuesday (Jun 18) as the Treasury yields edged lower, while investors looked forward to economic data and comments from Federal Reserve officials throughout the week for clarity on the US central bank’s interest rate cut timeline.
Spot gold was up 0.1 per cent at US$2,320.60 per ounce, as at 0120 GMT. US gold futures rose 0.3 per cent to US$2,335.20.
Benchmark 10-year US Treasury yields edged down and were last at 4.2673 per cent, making non-yielding bullion more attractive for investors.
The Fed would be able to cut its benchmark interest rate once this year, Philadelphia Fed president Patrick Harker said on Monday, if his economic forecast plays out.
Lower rates also make non-yielding gold more attractive.
Traders are now keeping a close watch on upcoming comments from New York Fed president John Williams and Fed governor Lisa Cook.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Fed chair Jerome Powell is scheduled to give his semi-annual testimony on monetary policy on Jul 9 at the Senate Banking Committee.
Investors are also focussed on the release of US retail sales data due at 1230 GMT, weekly jobless claims on Thursday and flash purchasing managers’ indices on Friday, which could offer more clarity on consumption and economic strength.
Spot silver fell 0.1 per cent to US$29.47 per ounce, platinum rose 1 per cent at US$974.55 and palladium gained 0.1 per cent to US$889.69. REUTERS
