Gold dipped slightly on Tuesday, as a
recovery in US 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. US gold futures rose 0.4% to $1,808.50.
* Resuming trade after a weekend extended by the
Independence Day holiday on Monday, benchmark US 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.
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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
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(Reporting by Bharat Govind Gautam in Bengaluru; editing by