Gold prices steady after hitting 2-week high on dollar retreat

Gold prices steady after hitting 2-week high on dollar retreat

Spot gold held its ground at $1,852.84 per ounce, as of 0048 GMT, after scaling to its highest since May 9 at $1,865.29 on Monday. U.S. gold futures gained 0.3% to $1,852.40.







Reuters









May 24, 2022 / 07:42 AM IST





Gold steadied on Tuesday as the U.S. dollar stabilized after a slide in the previous session that drove greenback-priced bullion to its highest level in two weeks.

FUNDAMENTALS

* Spot gold held its ground at $1,852.84 per ounce, as of 0048 GMT, after scaling to its highest since May 9 at $1,865.29 on Monday. U.S. gold futures gained 0.3% to $1,852.40.

* The dollar steadied after dropping to a one-month low in the previous session. A weaker dollar makes bullion more attractive for overseas buyers. [USD/]

* Benchmark U.S. 10-year Treasury yields eased, buoying demand for zero-yield gold. [US/]

* Kansas City Federal Reserve Bank President Esther George said on Monday she expects the U.S. central bank to lift its target interest rate to about 2% by August, with further action dependent on how both supply and demand are affecting inflation.

* Bullion, seen as a safe store of value during times of economic crises, tends