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Jul 11 2017, 02:40 PM (+06) | Fortfs.com

Gold futures were down in Asian hours on Tuesday, returning previous session gains as the risk-on sentiment continued to strengthen across equity markets.


On the Comex division of the New York Mercantile Exchange, gold futures were down by 0.20 percent to trade at $1,210.80 a troy ounce as of 07:47 GMT.


Attention is now directed to the testimony of Fed Chair Janet Yellen on Wednesday and Thursday on monetary policy. Traders are hoping for fresh hints on the future of interest rates.


According to CME Group’s FedWatch tool, investors are pricing in a 50.9 probability for a Fed rate hike by December to a range between 1.25 - 1.50 percent.


On the data front, consumer price index and retail sales are scheduled on Friday and will be the most relevant publications of the week for gold traders. In case of a hawkish outcome, the metal could extend losses to new multi-month lows.


The US dollar index, which tracks the greenback against a basket of six major rivals, was 0.13 percent higher at 95.91 by the time of this writing.


Gold, a dollar-denominated commodity, is sensitive to changes on the greenback strength. A stronger currency makes the metal more expensive for investors holding foreign currencies.


Last week, gold fell under pressure following the release of strong labor market data. The Labor Department said the economy added 222,000 jobs in June vs an expected 179,000 jobs build.

 

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