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Gold slips as firm US dollar ahead of US CPI and Hormuz risks
XAU/USD was down 0.18% at $4,381, after a daily high of $4,435, with energy-price pressure and rising mortgage rates weighing on the outlook for demand.
Gold prices edged lower on Tuesday as a firm US dollar and expectations for upcoming US inflation data kept sentiment cautious, according to FXStreet.
At the time of writing, XAU/USD traded at $4,381, down 0.18% on the day after reaching a daily high of $4,435, while the US Dollar Index held steady at 99.82.
The report cited energy-price strength as another headwind for gold, alongside data showing Existing Home Sales fell further in July, down 1.7% to 4.06 million, with higher mortgage rates tied to the Middle East conflict and elevated house prices.
With markets looking to Wednesday’s US Consumer Price Index, analysts expected headline CPI at 3.4% year over year and core CPI at 2.5% year over year, FXStreet noted. The piece also said 30-year fixed-rate mortgage rates have risen by more than 71 basis points since the US-Iran conflict began, reaching 6.69%, while the US Treasury yield was down two basis points to 4.687%.
Latest closeGold $4,448.60 ▲2.5%|Dollar index 99.81 ▲0.2%