11 July 2023
Gold prices edged higher on Tuesday, helped by a pullback in the dollar and bond yields as investors looked forward to U.S. inflation data the could offer more cues on the Federal Reserve’s rate hike path. Spot gold was up 0.3% at $1,930.49 per ounce, set for a third consecutive session of gains. U.S. gold futures gained 0.3% to $1,935.20. “There are concerns that central banks might tighten this economy in to a much harder recession. Rate hikes are not going to break gold’s back, but it might kill the economy. So there is some support for gold due to this reason.”