Gold prices on Tuesday edged higher, attempting to snap a two-session slide and halt a broader downturn that has taken the commodity to its lowest levels in about a year.
August gold GCQ8, +0.09% ticked up $1.30, or 0.1%, to $1,241 an ounce, after the most-active contract marked the lowest settlement since July 17, 2017 on Monday, according to FactSet data. Gold has ended lower in the past two sessions and has finished in the red in four of the past five trading days.
A popular fund tracking gold, the SPDR Gold Shares GLD, -0.05% edged down by less than 0.1% on Monday.
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The ICE U.S. Dollar Index DXY, +0.11% a measure of the buck against a half-dozen rivals, eased by less than 0.1% but has declined by about 0.3% since the start of the week, providing some runway higher for the dollar-pegged commodities.
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Values for the yellow metal declined on Monday as U.S. economic data, notably better-than-expected retail sales, did little to unseat expectations for higher interest rates over coming months—an outlook that has partly underpinned a strengthening U.S. dollar this year and helped to sink gold, which is priced in the currency.
Independent market analyst Stephen Todd said gold’s out look lacks luster. “It still can’t get any strength together,” he said in a Tuesday research note. Todd who runs Todd Market Forecast said he prefers cash over gold and has been bearish on the metal since June 15.
Looking ahead, markets readied for testimony from Federal Reserve Chairman Jerome Powell, at which most analysts think he will defend a pace of one interest-rate hike every three months.
Powell will appear in front of the Senate Banking Committee at 10 a.m. Eastern Time, and will testify in front of the House Financial Services panel Wednesday.
In other economic reports, commodity investors are watching for industrial production and capacity utilization data for June, which is set to be released at 9:15 a.m., followed by the home builder’s index for July at 10 a.m.
See: MarketWatch’s Economic Calendar
Meanwhile, industrial metals elsewhere on Comex saw mostly muted trade. September silver SIU8, -0.36% lost 3 cents, or 0.2%, to $15.785 an ounce. September copper HGU8, -0.18% was little changed at $2.764 a pound. October platinum PLV8, -0.17% edged down less than 0.1% to $826.10 an ounce, flat compared with Monday’s settlement, while September palladium PAU8, -0.65% traded $2.80, or 0.3%, lower at $910.70 an ounce.
See: MarketWatch’s Economic Calendar
