2024-01-16T04:42:34+00:00
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/ Gold prices suffered slight losses during early trading on Tuesday, with the rise of the dollar and US Treasury bond yields, while investors are awaiting comments from a group of Federal Reserve officials this week to clarify more about the path of interest rates.
The dollar index jumped to a 10-day high, making bullion less attractive to holders of other currencies, while yields on benchmark 10-year U.S. Treasury notes rose to hover near 4 percent.
The US Federal Reserve is expected to announce at the end of its meeting on January 30 and 31 that it will keep interest rates unchanged.
Traders are betting on six 25 basis point rate cuts this year, with the first expected in March.
Lower interest rates increase the demand for non-yielding bullion.
A number of Federal Reserve officials are scheduled to speak this week, including Christopher Waller, a member of the central bank’s board of governors, who will deliver a speech on the economic outlook to the Brookings Institution at 1600 GMT.
Elsewhere, European Central Bank officials have tempered market expectations of rapid interest rate cuts this year.
Spot gold was down 0.2 percent at $2,050.35 an ounce by 0201 GMT. U.S. gold futures were up 0.1 percent at $2,054.10.
Among other precious metals, spot silver fell 0.2 percent to $23.15 an ounce, platinum fell 0.4 percent to $911.59, and palladium fell 0.3 percent to $968.96 an ounce.