Gold prices stabilized in Tuesday’s trading as the dollar recovered after US markets bounced back from yesterday’s holiday, as well as inflation worries and expectations of a global rise in interest rates in the markets.
The US consumer confidence index is expected to be released later today, with expectations of a decline to 103.9 points in May from 107.3 in April as investors focus on US data due to its direct impact on gold due to its feedback with the US currency. .
Expectations of a rate hike by central banks continue to weigh on gold as Federal Reserve member Christopher Waller on Monday backed a continuation of interest rate hikes to above 2.5% through the end of the year as part of an attempt to control inflation.
Gold futures for June delivery settled at $1,851 an ounce at 11:50 am Beirut time, while the spot price for delivery fell 0.18% to $1,852.53 an ounce.
Silver futures for July delivery fell 0.77% to $21.91 an ounce, while platinum for immediate delivery rose 0.18% to $959.18 and palladium rose. by 1.70% to $2067.18.
The dollar index, which measures the behavior of the US currency against a basket of six major currencies, rose 0.38% to 101.75 points.
Source: El Iktisad
