Commodities
US Treasury Yields Pressure Gold Prices Amid Rising Oil Costs
Gold prices fell on Tuesday as US Treasury yields rose, exerting pressure on the precious metal. The decline was not unexpected, given that higher energy prices tend to fuel inflation concerns and strengthen expectations of higher interest rates by the Federal Reserve.
The US dollar index remained stable at 99.67 points during the trading session. Analyst Soni Kumari from ANZ noted that oil prices will continue to be a significant factor weighing on gold amid ongoing uncertainty in the Middle East.
Investors are eagerly awaiting the release of the Fed's July meeting minutes, which may provide fresh insights into the central bank's outlook for interest rates.