NEW YORK: Gold prices rose on Tuesday, helped by a retreat in the dollar and benchmark US Treasury yields in holiday thinned-trading, while investors awaited cues on the US Federal Reserve’s monetary policy path.
Spot gold rose 0.2% to $1,741.18 per ounce by 11:09 a.m. ET (1609 GMT), on track to end a four-session declining run, while US gold futures also edged up 0.2% to $1,742.70.
Bullion hit an over one-week low of $1,731.40 an ounce on Monday.
“I think the metals work their way out of this and continue to move higher. But right now it is a direct correlation with interest rates,” said Daniel Pavilonis, senior market strategist at RJO Futures.
US Treasury yields eased on lingering concerns over more COVID infections in China, while investors waited for clues from the Fed’s minutes due tomorrow.
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