Daily Market Updates: Gold steadies below $4,200 as bond yields ease and the dollar softens

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Gold steadies below $4,200 as bond yields ease and the dollar softens

Gold is pausing after a prior uptick, with investors looking ahead to the Fed’s preferred PCE inflation measure and final Q2 GDP data.

Reported · Written up by our desk · Precious Metals

Gold has struggled to build on its prior gain and has been trading in a tight range during the Asian session Wednesday, stalling its recovery from the $4,100 area, according to FXStreet.

The outlet said gold’s downside is cushioned as retreating US Treasury yields weaken the US dollar, a headwind for non-yielding bullion.

FXStreet added that traders may wait for major US macro releases before making new directional bets, citing the Personal Consumption Expenditures Price Index and the final Q2 GDP report later in the day.

The week’s focus also includes the ISM Manufacturing PMI on Thursday and the Nonfarm Payrolls report on Friday, with speeches from FOMC members expected to shape expectations for the Federal Reserve’s policy path.

Latest closeGold $4,147.50 ▼4.0%

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FXStreetGold holds steady below $4,200 as retreating bond yields and softer USD lend support

Commodities

Gold steadies below $4,200 as bond yields ease and the dollar softens

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