Mumbai, 18 Jun (Commoditiescontrol): Gold prices ticked upward on Tuesday as U.S. Treasury yields dipped, with investors eagerly awaiting economic data and insights from Federal Reserve officials throughout the week for guidance on the potential timing of interest rate cuts by the U.S. central bank.
Spot gold rose by 0.1% to $2,320.60 per ounce, while U.S. gold futures increased by 0.3% to $2,335.20 per ounce. The decline in benchmark 10-year U.S. Treasury yields, last recorded at 4.2673%, enhanced the appeal of non-yielding bullion for investors.
Philadelphia Fed President Patrick Harker indicated on Monday that the Federal Reserve might reduce its benchmark interest rate once this year if his economic projections hold true. Lower interest rates generally make non-yielding gold a more attractive investment.
Market participants are closely monitoring upcoming remarks from New York Fed President John Williams and Fed Governor Lisa Cook. Additionally, Fed Chair Jerome Powell is set to deliver his semi-annual testimony on monetary policy to the Senate Banking Committee on July 9.
Investors are also keenly focused on the release of U.S. retail sales data at 12:30 GMT, weekly jobless claims on Thursday, and flash purchasing managers' indices on Friday, which are expected to provide further insights into consumption patterns and economic health.
In other precious metals, spot silver dipped by 0.1% to $29.47 per ounce. Platinum saw a 1% rise to $974.55 per ounce, and palladium inched up by 0.1% to $889.69 per ounce.
As the week progresses, the precious metals market will be significantly influenced by economic indicators and Federal Reserve commentary, shaping investor expectations and market dynamics.
(By Commoditiescontrol Bureau: 09820130172)
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