WASHINGTON (dpa-AFX) - Gold slipped from record highs touched the previous day after U.S. Federal Reserve officials tempered investor enthusiasm about potential interest-rate cuts.
Spot gold dipped half a percent to $2,415.34 per ounce in European trade while U.S. gold futures were down 0.8 percent at $2,419.75.
The dollar firmed up and Treasury yields climbed following hawkish comments from Federal Reserve officials.
Fed Vice Chair Philip Jefferson said on Monday that it is difficult to tell if the slowdown in inflation is 'long lasting.'
Vice Chair Michael Barr stated in a speech that the Fed's restrictive policy would need 'some further time to continue to do its work.'
Atlanta Fed President Raphael Bostic said that prices will drop at a slower pace than many had expected.
It's another quiet day in terms of U.S. economic data today.
Reports on durable goods orders and new and existing home sales along with the minutes of the latest Fed meeting may offer additional clues on the economic and rate outlook as the week progresses.
According to CME Group's FedWatch Tool, the likelihood that interest rates will be lower by September have fallen to 76.3 percent from close to 90 percent last week.
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