WASHINGTON (dpa-AFX) - Gold prices edged up on Tuesday amidst the Dollar's slide and an easing in bond yields.
The six currency Dollar Index which had on Monday touched a high of 110.18, the highest level since October 2022 is currently at 109.58 implying overnight losses of 0.35 percent.
The softening in bond yields also supported the prices of the yellow metal. Ten-year bond yields in the U.S. eased 0.35 percent. The longer-tenor 30-year bond witnessed a decline of 0.20 percent in yields whereas the shorter-tenor 5-year bond recorded a decline of 0.39 percent. Yields eased by 0.27 percent in the 2-year tenor also.
Going by the CME FedWatch tool that tracks the expectations of interest rate traders, markets overwhelmingly (97.3 percent) expect a pause by the Fed in January. In March also, markets expect a pause but with a lesser probability of 79.8 percent. Both Spot Gold and Gold Futures have gained in Tuesday's trade.
Gold Futures for February settlement edged up 0.13 percent overnight to trade at $2,682.04, versus the previous close of $2,678.60.
The day's trading range has been between $2,677.45 and $2,689.96 as compared with the 52-week trading that ranged between $1,987.20 and $2,801.80.
With today's rally, weekly gains have increased to 0.54 percent and gains over the past month stand at 0.65 percent. The price surge over the 3-year horizon is more than 47.5 percent.
Spot Gold added 0.27 percent overnight to trade at $2,670.46 per troy ounce. The day's trading range has been between $2,663.18 and $2,675.31. Spot Gold had ranged between $1,984.3 and $2,790.41 over the past 52 weeks.
At current prices, Gold Futures and Spot Gold have both gained more than 30 percent over the past year.
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