Gold prices on Tuesday hovered below record highs hit in the previous session, as the U.S. dollar and Treasury yields held firm after strong U.S. data flagged doubts on whether the Federal Reserve would deliver three interest rate cuts this year.
Spot gold was unchanged at $2,250.79 per ounce, as of 0415 GMT, holding below an all-time high of $2,265.49 hit on Monday.
"Gold notched up a new record price, though with that high watermark also came some overbought conditions, which has resulted in a mild pullback.
Traders pared bets of a June interest rate cut to 63% after the data, according to the CME Group's FedWatch Tool.
Gold tends to gain when interest rates are cut as it reduces the opportunity cost of holding bullion.
Persons:
Tim Waterer, Jerome Powell, Waterer
Organizations:
U.S ., Treasury, Federal Reserve, KCM Trade, U.S
Locations:
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