Gold Eases to $1155 on U.S. Rates

Gold stretched losses from the previous session on Tuesday as the dollar clung to gains on expectations the U.S. Federal Reserve is on course to increase interest rates this year.

Fed Chair Janet Yellen may provide more signals of a looming rate hike at her semiannual testimony to Congress on Wednesday and Thursday, shifting global focus back to the U.S. central bank from Greece which secured an 86-billion-euro bailout in exchange for tough reforms.

Spot gold was down 0.2 percent at $1,155.26 an ounce by 0035 GMT, after dropping as much as 1.1 percent on Monday.  U.S. gold for August delivery was flat at $1,154.60 an ounce.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.