Commodities

Gold Shows Another Modest Move To The Downside

February 21, 2023 — 02:54 pm EST

Written by RTTNews.com for RTTNews

(RTTNews) - After ending last Friday's trading slightly lower, the price of gold showed another modest move to the downside during trading on Tuesday.

Gold for April delivery slipped $7.70 or 0.4 percent to $1,842.50 an ounce after edging down $1.60 or 0.1 percent to $1,850.20 an ounce in the previous session.

The dip by gold prices came amid a modest increase in the value of the U.S. dollar, with the U.S. dollar index rising by 0.3 percent.

A surge by treasury yields also weighed on the precious metal amid ongoing concerns about the outlook for interest rates following recent U.S. economic data.

The benchmark ten-year yield has more than offset the dip seen last Friday, reaching its highest intraday level in over three months.

On Wednesday, the Fed is scheduled to release the minutes of its latest monetary policy meeting, which could shed additional light on the outlook for interest rates.

RTTNews
Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.
More articles by this source

Tags

Commodities

Latest Articles
Data is currently not available