NEW YORK / Content Syndication Services / – Gold prices held near a two-month low on Tuesday as investors weighed higher U.S. Treasury yields, a firm dollar and recent labor data against softer oil prices. Spot gold rose 0.4 percent to $4,345.71 per ounce. U.S. gold futures for August delivery gained 0.2 percent to $4,370.80, keeping bullion under pressure after a sharp weekly decline.
Gold touched $4,268.39 per ounce in the previous session, its lowest level since March 23. The metal has struggled as stronger U.S. economic data kept attention on interest rates. Higher rates can reduce demand for gold because bullion pays no yield. A stronger dollar also makes gold more expensive for buyers using other currencies.
U.S. Treasury yields stayed elevated after recent payroll data showed continued hiring strength. The dollar eased from a two-month high but remained firm against major peers. Gold prices often move against the dollar and bond yields. Investors also tracked inflation signals as markets assessed the path of monetary policy before the next scheduled U.S. central bank meeting.
Inflation data remains central
The Federal Reserve held its target range for the federal funds rate at 3.50 percent to 3.75 percent at its April meeting. The central bank said economic activity had expanded at a solid pace, while inflation remained elevated. The U.S. Bureau of Labor Statistics said nonfarm payrolls rose by 172,000 in May, while unemployment stayed at 4.3 percent.
Markets focused on May consumer price data due Wednesday and producer price data due Thursday. The figures will follow a week of heavy trading across bonds, currencies and commodities. Gold remains sensitive to inflation data because it can affect real yields. Precious metals also reacted to shifts in energy prices after oil retreated from recent gains.
Precious metals trade mixed
Lower oil prices followed a tentative pause in hostilities between Israel and Iran. The move eased some inflation concerns tied to energy markets. Gold retained support from safe-haven demand linked to geopolitical risk, but that support was limited by higher yields. Traders continued to monitor the Middle East as energy and bullion markets moved in a tight range.
Silver rose 0.4 percent to $53.19 per ounce. Platinum gained 0.3 percent to $1,532.95, while palladium advanced 1.5 percent to $1,416.50. The broader precious metals market remained tied to moves in the dollar, Treasury yields and inflation data. Gold prices stayed near their lowest level in more than two months as investors balanced safety demand with rate-sensitive selling pressure.