Gold slips on higher treasury yields, US Fed speakers on tap
Gold prices slipped on Monday due to higher Treasury yields. Investors await US data and comments from Federal Reserve officials for monetary policy cues.
slipped on Monday, hurt by higher , while investors awaited more and comments from officials throughout the week for more cues on the outlook for . Spot gold was down 0.8% at $2,315.14 per ounce as of 12:33 p.m. ET (16:33 GMT). US gold futures fell 0.8% to $2,330.10."There's really a lack of major fresh , so the gold market is looking to the outside markets for direction," said Jim Wyckoff, senior at Kitco Metals.
"Gold prices are probably going to grind sideways between $2,300 and $2,400 until the next major fundamental catalyst occurs, which may not occur until sometime in July."
The US ticked higher after falling sharply last week, making non-yielding bullion less attractive for investors.
Traders are keeping a close watch on upcoming comments from New York John Williams, Philadelphia Fed President Patrick Harker and Fed Governor Lisa Cook. Minneapolis Fed President Neel Kashkari said on Sunday i''s a "reasonable prediction" that the Fed will cut rates once this year, waiting until December to do so.
