Gold Slips On Profit-taking After Hitting Over Three-month High
(RTTNews) - Gold prices slipped on Tuesday after hitting over three-month highs earlier, supported by a weaker dollar and a surprise bond-market intervention announcement by the U.S. Treasury.
Spot gold was down 0.4 percent at $4,635 an ounce after reaching its highest level in more than three months at $4,696.98 an ounce earlier. U.S. gold futures slipped 0.1 percent to $4,692.66 an ounce due to profit taking after recent strong gains.
The U.S. dollar struggled for traction while U.S. Treasury yields moved lower following reports that the Treasury could use its near $1 trillion General Account to help fund its recently announced bond buyback program.
On the economic front, a slew of U.S. economic readings, including July's PCE index, consumer sentiment survey results, and the second estimate for the second quarter 2026 GDP, are due this week.
Federal Reserve Chairman Kevin Warsh will speak at the central bank's annual symposium in Jackson Hole, Wyoming on Friday, with investors looking for greater clarity on both his assessment of inflation and the broader "regime change" he has advocated at the Fed.
On the geopolitical front, investors are preparing for the possibility of a prolonged escalation in tensions between Washington and Tehran after U.S. Treasury Secretary Scott Bessent announced a wave of new sanctions to isolate the Iranian regime and warned that countries and companies that help Iran move or hide money could face U.S. actions and potentially lose access to the U.S. dollar system.
That said, enforcement details of the new measures remained sketchy. The Treasury Department stopped short of imposing any penalties, helping ease fears over potential disruption to near-term crude flows.
