Gold prices eased on Tuesday as the dollar benefited from elevated bond yields and China's economic concerns, with markets now looking ahead to U.S. retail sales data that could shed light on the impact of higher rates on consumer spending.
Gold prices fell as the U.S. dollar and Treasury yields were pushed higher, with investors assessing potential policy actions from Chinese regulators to address mounting financial and property risk, according to NAB Commodities Research.
U.S. 10-year Treasury yields were near their highest levels since November.
Attention is now turning to U.S. retail sales data due later in the day and the Federal Reserve's July policy meeting minutes on Wednesday.
Sabrin Chowdhury, head of commodities at BMI, expects a boost in gold prices, lately under pressure from a strong U.S. dollar, only towards the last quarter of 2023.
Persons:
Sabrin Chowdhury, Janet Yellen, Joe Biden's
Organizations:
U.S ., Treasury, NAB Commodities Research, U.S, BMI
Locations:
China's, U.S