WASHINGTON (dpa-AFX) - Gold prices traded lower on Tuesday as the dollar remained supported by rising Treasury yields.
Spot gold dipped 0.2 percent to $2,326.03 per ounce, while U.S. gold futures were down 0.1 percent at $2,335.30.
The U.S. dollar saw a notable rise while yields hit a one-month high after the Supreme Court ruled that presidents have absolute immunity from prosecution for core official acts.
U.S. President Joe Biden said the high court's ruling had undermined the rule of law.
There's growing talk about a potential Trump presidency leading to a steeper yield curve as growth will likely slow and inflation quicken under such a scenario, according to Morgan Stanley. Barclays and Nomura also issued calls to factor in a Trump win.
Traders also await comments from Fed Chair Jerome Powell later in the day for more clarity on the rate outlook.
The U.S. ISM services PMI and employment data will be watched closely this week amid rising bets of a Fed rate cut in September.
Any further signs of a weakening U.S. economy could boost expectations for more than one Fed rate cut in 2024.
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