Gold futures regained ground on Tuesday, recouping about half of the previous day's losses, as market participants reacted to the U.S. producer price index data. The dollar weakened, and yields on U.S. debt instruments declined, providing tailwinds for the precious metal. The dollar index fell 0.21% to 105.027, while the U.S. 10-year Treasury yield dropped 0.036 percentage points to 4.445%, and the 30-year Treasury Bond yield slipped 0.05 percentage points to 4.587%.
As of 5:45 PM ET, gold futures for the most active June 2024 contract settled at $2,359.90 in New York trading, up $16.90. In Globex trading immediately following the New York close, gold prices extended gains, currently trading around $2,363.50. Investors will scrutinize the CPI report, paying close attention to housing data, as they seek insights into the persistence of elevated inflation levels. If the CPI report exceeds expectations and forecasts, it could diminish the probability of the Federal Reserve adopting a more accommodative stance regarding the timing and magnitude of interest rate cuts this year.
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