Gold futures tick lower early Tuesday.
Gold futures edged lower early Tuesday as the U.S. dollar steadied and investors awaited U.S. economic data due later this week.
Price actionMarket drivers Gold briefly traded above the $2,000-an-ounce threshold in early trade, responding to a fall in Treasury yields and a weaker U.S. dollar. But the dollar subsequently found its footing, with the ICE U.S. Dollar Index DXY up 0.2%. A stronger dollar can weigh on demand for commodities priced in the unit, making them more expensive to users of other currencies.
... Gold futures edged lower early Tuesday as the U.S. dollar steadied and investors awaited U.S. economic data due later this week. Price action Market drivers Gold briefly traded above the $2,000-an-ounce threshold in early trade, responding to a fall in Treasury yields and a weaker U.S. dollar. But the dollar subsequently found its footing, with the ICE U.S. Dollar Index DXY up 0.2%. A stronger dollar can weigh on demand for commodities priced in the unit, making them more expensive to users of other currencies.
Gold “remains trapped within a sticky range thanks to the ongoing uncertainty over the Fed’s next move beyond May. With markets now expecting U.S. rates to peak in the summer and a rate cut by December, gold has the thumbs-up to push higher in the longer term,” said Lukman Otunuga, senior research analyst at FXTM, in a note.“Meanwhile, volatility could be the name of the game due to shifting expectations around future Fed policy moves,” he wrote.
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