Gold prices declined on Tuesday, influenced by a rise in the dollar and Treasury yields as investors awaited U.S. inflation data later in the week. This data is crucial as it could offer insights into the Federal Reserve’s potential timing for interest rate adjustments this year.
As of 10:17 a.m. ET (1417 GMT), spot gold was down 0.4% to $2,323.60 per ounce. Concurrently, U.S. gold futures dropped 0.4% to $2,335.80.
The dollar strengthened by 0.2% against major currencies, increasing the cost of gold for holders of other currencies, while yields on 10-year Treasury bonds also saw a slight uptick.
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