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Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as US treasury yields fell sharply.
The most active gold contract for August delivery rose US$14, or 0,71 percent, to close at US$1 977,10 per ounce.
US President Joe Biden and House Speaker Kevin McCarthy reached a deal Saturday night to raise the US federal government’s debt limit. The agreement is now waiting to be endorsed by Congress.
Meanwhile, expectations for another interest rate increase by the Federal Reserve in June have risen after the release of US. inflation data on Friday.
The Conference Board reported Tuesday that its consumer confidence index fell to 102.3 in May from 103.7 in April. It’s the fourth time in five months that overall U.S. consumer confidence has declined.
Investors are waiting for the big monthly jobs report due out on Friday.
Platinum for July delivery fell US$6,20, or 0,60 percent, to close at US$1 021,90 per ounce. – Xinhua
Bongani Ndlovu
Online Reporter