June Gold Ranging as Traders Await Fundamental Breakthrough

June Gold Ranging as Traders Await Fundamental Breakthrough

Gold futures are edging higher on Tuesday despite soaring U.S. Treasury yields and a stronger U.S. Dollar, a combination that tends to weigh on demand for the non-yielding asset. Perhaps underpinning the market is the intensifying conflict between Russia and Ukraine that is fueling steady safe-haven demand.

At 07:18 GMT, June Comex gold is trading $1941.40, up $6.60 or +0.34%. On Monday, the SPDR Gold Shares ETF (GLD) settled at $180.65, up $1.35 or +0.75%.

Technical factors could also be influencing the price action with the precious metal currently sitting inside the contract’s 50% to 61.8% retracement zone at $1908.10 to $1958.70. Trader reaction to this area could determine the near-term direction of the market.