Gold stays at 3-week peak
On Tuesday, gold prices were still at their three-week peaks during European trade as market participants waited for new indications regarding the timing of a probable US interest rate hike this year.
December delivery gold futures sagged 0.03%, trading at $1,359.20 per troy ounce, just below a three-week high of $1,362.00 achieved last Friday. Yesterday, gold gained about 0.15%.
Market participants looked ahead to major US data later Tuesday in order estimate the overlal health of the world's greatest economy and whether it’s sturdy enough to warrant a rate lift later this year.
The Commerce Department is going to issue its June’s core personal consumption expenditure index along with personal income and spending for this month too.
The U.S. dollar index, gauging the greenback’s power against a trade-weighted basket of six key counterparts, slumped 0.2% being worth 95.56.
The greenback has been under great pressure during recent trading sessions amid waning hopes that the Fed will increase interest rates soon.