Grapevine

By Cnbc
Oct 8, 2024

Gold eases as dollar firms; focus on Fed cues, U.S. data

An employee puts gold bullions into a safe deposit box at Degussa shop in Singapore

Gold prices edged lower on Tuesday, pressured by a stronger dollar, while market participants awaited minutes of the Federal Reserve's last meeting and economic data for further cues on U.S. interest rate path.

Spot gold was down 0.2% to $2,639.45 per ounce, as of 0303 GMT.

U.S. gold futures lost 0.3% to $2,658.70.

The dollar index hovered near a seven-week high, making bullion more expensive for holders of other currencies, while the benchmark U.S. Treasury 10-year yield topped 4% for the first time in more than two months.

Gold has lost some momentum due to rising dollar and bond yields, but downside risks may be limited by global conflicts that favor safe-haven assets, said Tim Waterer, chief market analyst at KCM Trade.