WASHINGTON (dpa-AFX) - Gold prices drifted lower on Tuesday as a stronger dollar and elevated Treasury yields dimmed the precious metal's appeal.
Spot gold slipped 0.3 percent to $1,663.26 per ounce, while U.S. gold futures were down 0.4 percent at $1,669.40.
The dollar index scaled a near two-week peak and benchmark U.S. 10-year Treasury yields were just shy of 4 percent after Chicago Fed president Charles Evans said there is a strong consensus at the Federal Reserve to raise the target policy rate to around 4.5 percent by February and hold it there for most of 2023.
Separately, Fed Vice Chair Lael Brainard laid out a case for exercising caution, saying that previous rate increases were starting to slow the economy and the full brunt of tighter policy would not be felt for months to come.
As recession worries and geopolitical risks mount, U.S. inflation data and the latest FOMC meeting minutes due later this week could offer more clarity on the U.S. rate hike path.
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