Gold futures moved lower on Tuesday, easing back after posting back-to-back session gains.
Moves in the U.S. dollar and Treasury yields continued to influence prices for the precious metal as investors await Friday’s speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole, Wyo., economic policy symposium.
Price action
-
Gold futures for December delivery
GC00,
+0.23% GCZ23,
+0.23%
declined by $2.40, or 0.1%, at $1,920.60 per ounce on Comex. -
Silver futures for September delivery
SI00,
+0.58% SIU23,
+0.58%
shed 3.5 cents, or 0.2%, to $23.305 per ounce. -
Platinum futures for October delivery
PL00,
+1.43% PLV23,
+1.43%
gained $8.50, or 0.9%, to $922 per ounce, while palladium futures for September delivery
PA00,
+2.49% PAU23,
+2.49%
added $29.40, or 2.4%, to $1,268.50 per ounce. -
Copper futures for September delivery
HGU23,
+1.10%
climbed 2.7 cents, or 0.7%, to $3.745 per pound.
Market drivers
Most-active gold futures headed lower Tuesday after gains over the past two trading sessions snapped a streak of nine consecutive session declines.
Analysts noted that gold prices are showing signs of stabilizing ahead of Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole later this week.
“Powell’s intervention could create some volatility as traders monitor any hints over the developments in monetary policy in particular after the release of the Federal Reserve’s minutes created some uncertainty,” Wael Makarem, senior market strategist, MENA at Exness, said in emailed commentary.
“Subsequent economic data on the U.S. job market and on inflation could determine the next steps in monetary policy and could affect gold’s performance,” he said.
On Tuesday, data from the National Association of Realtors showed that sales of previously owned homes fell by 2.2% to an annual rate of 4.07 million in July.
Meanwhile, although Treasury yields slipped from 16-year highs on Tuesday, they remained near their highest levels since 2007.
“Gold prices, in a relatively steep decline for the past month, are showing signs of stabilizing,” Ole Hansen, head of commodity strategy at Saxo Bank, said in emailed commentary.
The yield on the 10-year Treasury note
BX:TMUBMUSD10Y
was little changed at 4.337% in Tuesday dealings after settling at 4.339% on Monday, the highest end-of-day level since Nov. 6, 2007, according to FactSet data. Meanwhile, the ICE U.S. Dollar Index
DXY,
a gauge of the buck’s strength against a basket of rivals, was up 0.3% at 103.598.
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