Gold dipped slightly on Tuesday, as a
recovery in U.S. Treasury yields from last week’s one-month lows
reduced the appeal of non-yielding bullion, with a strong dollar
also piling on.
* Spot gold was down 0.1% at $1,807.93 per ounce, as
of 0101 GMT. U.S. gold futures rose 0.4% to $1,808.50.
* Resuming trade after a weekend extended by the
Independence Day holiday on Monday, benchmark U.S. 10-year
Treasury yields firmed, weighing on prices of bullion.
* Gold prices fell in the previous session on prospects of
interest rate hikes from central banks that are trying to take
on inflation, but managed to stay above the $1,800 price support
* Higher interest rates and bond yields raise the
opportunity cost of holding non-yielding bullion.
* Spot gold had touched a five-month low of $1,783.50 on
* The dollar steadied at elevated levels on Tuesday,
making gold less appealing for buyers holding other currencies.
* World stocks, meanwhile, rose in holiday-thinned trade on
Monday, helped by a bounce in oil as concerns over tight supply
outweighed recession fears.
* Ukrainian President Volodymyr Zelenskiy said on Monday his
armed forces were undeterred in their efforts to “break”
Moscow’s will to pursue a nearly five-month war, while Russia’s
Vladimir Putin hailed his military’s victory in the grueling
battle of Luhansk.
* Spot silver firmed 0.2% to $19.99 per ounce, while
platinum fell 0.2% to $883.94, and palladium
gained 0.5% to $1,932.22.
0145 China Caixin Services PMI June
0430 Australia RBA Cash Rate July
0500 India S&P Global Svcs PMI June
0750 France S&P Global Svcs, Comp PMIs June
0755 Germany S&P Global Svcs PMI June
0755 Germany S&P Global Comp Final PMI June
0800 EU S&P Global Svcs, Comp Final PMIs June
0830 UK Reserve Assets Total June
1400 US Factory Orders MM May
(Reporting by Bharat Govind Gautam in Bengaluru; editing by
Financial Post Top Stories
Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300