Gold inches higher as US Treasury yields slip, rate-hike bets weigh

Gold inches higher as US Treasury yields slip, rate-hike bets weigh

Spot gold was up 0.1% at $1,853.43 per ounce, as of 0208 GMT, while U.S. gold futures rose 0.3% to $1,856.20.







Reuters









June 06, 2022 / 09:43 AM IST





Gold prices edged higher on Monday, supported by a slight pullback in U.S. Treasury yields, although bullion's outlook remained vulnerable to aggressive interest rate hikes by central banks.

Spot gold was up 0.1% at $1,853.43 per ounce, as of 0208 GMT, while U.S. gold futures rose 0.3% to $1,856.20.

Gold was still trading below last week's highs with prices dropping about 1% on Friday after data showed U.S. employers hired more workers than expected in May and maintained a fairly strong pace of wage increases.

"Coming after the recent U.S. job report, market participants will continue to be highly sensitive to any cues on central banks' policy outlook, with guidance from the RBA and ECB on watch this week, along with the key U.S. CPI data," said Yeap Jun Rong, a market strategist at IG.

The U.S. CPI data this Friday will be the next focus for further signals about the Federal Reserve's tightening path.

The Fed is on track for half a point interest rate