Gold Price Hits Two-Month High Before Steady Session

Gold prices reached a two-month high on Tuesday before steadying as investors awaited upcoming U.S. inflation data for direction on the Federal Reserve's interest rate trajectory.

The spot price of gold touched $4,434.84 per ounce, its highest since June 5, but then stabilized around $4,386.13. Gold futures also gained 0.6% to reach $4,444.70.

However, benchmark U.S. 10-year Treasury yields climbed to a one-week high, raising the opportunity cost of holding non-yielding bullion.