Gold Ticks Higher with Focus On U.S. Inflation Data

by Brijesh Patel

July 9 (Reuters) – Gold prices eked out gains on Tuesday despite a stronger dollar and higher bond yields, as investors looked forward to the U.S. June inflation data due later this week for more clarity on the U.S. interest rate path.

Spot gold rose 0.2% to $2,363.64 per ounce as of 14:35 p.m. ET (1835 GMT), after dropping more than 1% in the previous session. U.S. gold futures settled about 0.2% higher to $2,367.90.

The dollar was up about 0.2% against its rivals, making gold more expensive for other currency holders, while benchmark 10-year Treasury yields inched higher.

There’s an expectation that the Federal Reserve is more likely to start cutting rates as early as September, which is contributing positively to current market conditions, said Bart Melek, head of commodity strategies at TD Securities.

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