Gold drifted lower on Tuesday to hit one-week low as Treasury bond yields and the dollar edged higher ahead of key U.S. inflation data due out later in the day.
Renewed optimism over the post-pandemic economic recovery also weighed on prices.
Spot gold dipped 0.3 percent to $1,726.98 per ounce, while U.S. gold futures were down 0.4 percent at $1,726.55 per ounce.
U.S. bond yields and the dollar ticked up after the Treasury’s sales of three- and 10-year notes attracted decent demand.
The U.S. will sell $24 billion of 30-year bonds later today and a total of $151 billion in bills throughout the week.
U.S. inflation data for March is due to be published later today and the numbers are important given the debates surrounding inflation and its implications for monetary policy.
Boston Federal Reserve Bank President Eric Rosengren said Monday he expects the economy to grow rapidly this year due to looser monetary and fiscal policies, though a full recovery could take longer than many think.
With inflation still below the central bank’s 2 percent target rate, the current “highly accommodative” monetary policy stance remained appropriate, he said.
Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.
The material has been provided by InstaForex Company – www.instaforex.com
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