By Gina Lee
Investing.com – Gold was down on Tuesday morning in Asia. A strengthening dollar and rising U.S. Treasury yields impacted demand for the U.S. currency-priced yellow metal, which is set for a second consecutive monthly loss for the first time since March 2021.
Gold futures edged up 0.17% to $1,854.20 by 11:13 PM ET (3:13 AM GMT) and are down about 2.6% in the month to date, the most since September 2021. The dollar, which normally moves inversely to gold, was up on Tuesday.
Benchmark U.S. 10-year Treasury yields climbed on Tuesday, with bond markets in the U.S. closed during the previous session for a holiday.
The U.S. Federal Reserve should be prepared to raise interest rates by a half percentage point at every meeting from now on until inflation is decisively curbed, Fed Governor Christopher Waller said on Monday. Waller’s colleagues, New York Fed President John Williams and St. Louis Fed President James Bullard, will speak at separate events Wednesday. Cleveland Fed President Loretta Mester will discuss the economic outlook a day later.
The Fed is set to start shrinking its $8.9 trillion balance sheet and release its Beige Book on Wednesday. U.S. President Joe Biden will also meet Fed Chairman Jerome Powell later in the day.
On the date front, the U.S. jobs report, including non-farm payrolls , is due on Friday. Investors also digested Chinese data released earlier in the day showed that May 2022’s manufacturing purchasing managers’ index (PMI) was 49.6, while the non-manufacturing PMI was 47.8.
In other precious metals, silver fell 0.7% and has fallen about 4.1% in the month to date. Platinum fell 0.8% but is still set for its first monthly gain in three of about 2.1%. Palladium eased 0.2% to $2,029.61 and has fallen about 12.6% this month, the most since November 2021.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.