Gold Prices Climb in early trade

18 Jun 2024 , 09:00 AM

Gold prices rose slightly on Tuesday as Treasury yields fell, but investors waited for economic data and statements from Federal Reserve officials throughout the week for clarification on the timing of the US central bank’s interest rate cuts.

Spot gold was up 0.1% to $2,320.60 per ounce. Gold futures increased 0.3% to $2,335.20.

Benchmark Ten-year US Treasury yields fell to 4.2673%, making non-yielding bullion more appealing to investors.

If his economic prognosis comes true, Philadelphia Fed President Patrick Harker believes the Fed will be able to lower its benchmark interest rate once this year.

Lower rates make non-yielding gold more appealing.

Traders are now paying particular attention to future statements from New York Fed President John Williams and Fed Governor Lisa Cook.

Fed Chair Jerome Powell will make his semi-annual monetary policy testimony to the Senate Banking Committee on July 9.

Investors are also anticipating the publication of U.S. retail sales data at 1230 GMT, weekly jobless claims on Thursday, and flash purchasing managers’ indices on Friday, which could provide more insight into consumption and economic growth.

Spot silver slipped 0.1% to $29.47 per ounce; platinum jumped 1% to $974.55; while palladium rose 0.1% to $889.69.

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