Gold prices traded marginally higher on Tuesday as traders set their sights on inflation and labor-market data due out of the U.S. later this week.
Price action Market drivers Gold prices have benefited over the past week as Treasury yields have retreated from their highest levels in more than 15 years. The 10-year note yield BX:TMUBMUSD10Y touched its highest level since 2007 last week, according to FactSet data, when it traded just shy of 4.37%. It was trading at 4.220% early Tuesday.
Commodity analysts attributed the yellow metal’s recent strength to last week’s commentary from Federal Reserve Chairman Jerome Powell, who sounded non-committal about the prospect of more interest-rate raises. Given the lack of clarity about where rates are headed, any short-term moves in the yellow metal’s price could be quickly reversed once investors have a better idea of what’s to come, a team at Commerzbank said.
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