WASHINGTON (dpa-AFX) - Gold futures settled lower on Tuesday, going down for a second straight session, as investors continued to assess the outlook for Federal Reserve's interest rate moves.
A weak dollar helped limit the bullion's downside. The dollar index dropped to 105.71, easing from a high of 106.05.
The dollar climbed higher and bond yields rose in the Asian session after the Supreme Court ruled that presidents have absolute immunity from prosecution for core official acts. U.S. President Joe Biden said the high court's ruling had undermined the rule of law.
There's growing talk about a potential Trump presidency leading to a steeper yield curve as growth will likely slow and inflation quicken under such a scenario, according to Morgan Stanley.
Gold futures for July ended down $4.60 or about 0.2% at $2,323.00 an ounce.
Silver futures for July ended higher by $0.053 or 0.18% at $29.353 an ounce, while Copper futures climbed to $4.4235 per pound, gaining $0.0055 or about 0.12%.
Data from the Labor Department showed the number of job openings rose to 8.140 million in May, up 221,000 from a month earlier.
Redbook Research said that the Redbook Index in the U.S. increased by 5.8% in the week ending June 29, compared to the same week in the previous year.
Investors also noted Fed Chair Jerome Powell's speech at a central banking forum in Sintra, Portugal. Powell expressed satisfaction with the progress on inflation but said he wants to see more before being confident enough to start cutting interest rates.
'We want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing or loosening policy,' he said.
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