Gold futures extended their upward momentum for a third consecutive session on Tuesday, marking the lengthiest series of continuous daily gains since mid-July. The movement of the U.S. dollar and Treasury yields remained influential in shaping the precious metal’s prices. Investors are eagerly awaiting Federal Reserve Chairman Jerome Powell‘s address at the Jackson Hole economic policy symposium on Friday, with this event’s potential impact adding to market sentiment.
The December delivery gold futures (GC00, 0.19% GCZ23, 0.19%) increased by $3, equivalent to 0.2%, settling at $1,926 per ounce on Comex. This run of three daily advances represents the most sustained active contract climb since July 14, as per Dow Jones Market Data.
Silver futures for September delivery (SI00, +0.07% SIU23, +0.07%) saw a 0.5% rise, gaining 11 cents to reach $23.45 per ounce.
In parallel, October delivery platinum futures (PL00, +0.38% PLV23, +0.38%) surged $12, or 1.3%, settling at $925.50 per ounce, while palladium futures for September delivery (PA00, +0.52% PAU23, +0.52%) saw an increase of $25.70, equivalent to 2.1%, resulting in a value of $1,264.80 per ounce.
Copper futures for September delivery (HGU23, +0.41%) demonstrated a 1% rise, adding 4 cents to reach $3.76 per pound.
Notably, gold futures experienced modest support on Tuesday due to a slight retreat in U.S. 10-year Treasury yields, which had recently reached their highest point since 2007. Experts indicated that gold prices were stabilizing ahead of Jerome Powell’s forthcoming speech, which could potentially introduce market volatility as it might provide insights into the direction of monetary policy. Data revealing a 2.2% drop in sales of previously owned homes in July by the National Association of Realtors also contributed to market dynamics.
As treasury yields slightly declined from their 16-year peak on Tuesday, but still remained close to 2007 levels, gold prices, which had been in a significant decline over the past month, were exhibiting signs of finding stability. The U.S. Dollar Index, measuring the dollar’s strength against other currencies, increased by 0.2% to 103.539.
