WASHINGTON (dpa-AFX) - Gold prices inched higher on Tuesday while the dollar was little changed in anticipation of rate cuts from the U.S. Federal Reserve in coming months.
Traders pared bets on a return of Donald Trump to the White House after Joe Biden exited from the presidential race and cleared the path for Vice President Kamala Harris to secure the Democratic nomination.
Spot gold rose 0.4 percent to $2,406.51 per ounce while U.S. gold futures were up half a percent at $2,407.30.
The National Association of Realtors is scheduled to release its report on U.S. existing home sales for June in the New York session.
Later in the week, focus is likely to shift to a report on personal income and spending in June, which includes readings on inflation said to be preferred by the Federal Reserve.
The Commerce Department will release its preliminary estimate of second-quarter U.S. economic growth on Thursday.
Economists expect that GDP grew at a 1.9 percent annual pace from April through June, following a 1.4 percent annual growth pace in the first quarter.
The GDP and inflation readings could have a significant impact on the outlook for interest rates, with the Fed currently expected to lower interest rates by a quarter point in September.
On the political front, an AP survey indicated that Vice President Kamala Harris has the backing of at least 2,214 delegates, giving her more than enough support to win the Democratic presidential nomination.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
