WASHINGTON (dpa-AFX) - Adding to four sessions of gains, gold prices have edged higher on Tuesday as the U.S. dollar steadied amid a plunge in crude oil prices. In addition, investors' attention was drawn to tomorrow's U.S. Personal Consumption Expenditure price index data and the upcoming Jackson Hole Symposium.
Front Month Comex Gold for September month delivery has inched up by $3.70 (or 0.08%) to $4,648.00 per troy ounce.
Front Month Comex Silver for September month delivery has advanced by $0.191 (or 0.28%) to $68.785 per troy ounce.
Yesterday, U.S. Treasury Secretary Scott Bessent stated that the Treasury would continue to focus with its regularly scheduled debt auctions including long-dated bonds.
This announcement comes on top of last week's surprise decision by the Treasury to almost double the buyback sizes of long-term bonds (starting September 9) after their yields went up to levels not seen in nearly two decades, increasing federal debt service costs.
Bessent's announcement brought down yields on 10-year Treasury notes and 20-year and 30-year bonds for a brief period though they bounced back later.
Even though Bessent refrained from hinting at the source for the repurchase, CNBC reported that the Treasury may use the General Account. As of last Wednesday, the Treasury General Account stood at nearly $940 billion.
Last Wednesday, the Treasury also recorded that officially the U.S. national debt crossed $40 trillion.
Yesterday, Bessent announced the crushing economic measures that U.S. President Donald Trump threated to impose on Iran over the past few days.
Termed 'Operation Economic Outcast,' according to the plan, the Office of Foreign Assets Control sanctioned nearly 60 entities, individuals, and vessels that aid Iranian operations. The OFAC also suspended several licenses that authorized remittance payments to Iran.
These sanctions target any person that operates in the Iranian economy in sectors including digital assets, technology, gold, aviation, and shipping.
Bessent called for world leaders to opt between the U.S. and Iran and announced plans to slap secondary sanctions on Iran's 'enablers,' hinting that they would be forced out of the dollar-based financial system.
Seeking to derive clues on the U.S. Federal Reserve's assessment of the U.S. and global economy amid the full-blown U.S.-Iran crisis, investors are awaiting the keynote address by U.S. Federal Reserve Chair Kevin Warsh in Jackson Hole, Wyoming, on Friday.
While a 'hawkish' speech could decelerate the rally seen in gold over the past few days, a 'dovish' inclination could provide extra-momentum for the yellow metal.
The U.S.-Iran conflict has largely shut the Strait of Hormuz, crippling shipping traffic, increasing crude oil supply disruptions, and consequent inflation concerns.
The U.S. move to go for an economic offensive in place of any military adventure against Iran has abated near-term war-threat in the Middle East.
This has taken the safe-haven value away for the U.S. dollar, which offered some support for gold prices.
On the economic front, U.S. Automatic Data Processing data revealed that private employers added an average of 11,750 jobs per week in the four weeks ending August 8, up from 9,500 for the previous four-week period.
The U.S. dollar index was last seen trading at 98.96, unchanged from previous session.
Currently, investors are betting on a 40.10% chance of a 25-basis-point interest rate-hike at the upcoming meeting of the U.S. Federal Reserve on September 15-16, while the odds on rates being held at the current level stand at 59.90%, according to the CME Group's FedWatch Tool.
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