Thu, 21 Sep 2023

Gold rises as U.S. treasury yields fall

31 May 2023, 05:18 GMT+10

CHICAGO, May 30 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as U.S. treasury yields fell sharply.

The most active gold contract for August delivery rose 14.00 U.S. dollars, or 0.71 percent, to close at 1,977.10 dollars per ounce.

U.S. President Joe Biden and House Speaker Kevin McCarthy reached a deal Saturday night to raise the U.S. federal government's debt limit. The agreement is now waiting to be endorsed by Congress.

Meanwhile, expectations for another interest rate increase by the Federal Reserve in June have risen after the release of U.S. inflation data on Friday.

The Conference Board reported Tuesday that its consumer confidence index fell to 102.3 in May from 103.7 in April. It's the fourth time in five months that overall U.S. consumer confidence has declined.

Investors are waiting for the big monthly jobs report due out on Friday.

Silver for July delivery fell 12.10 cents, or 0.52 percent, to close at 23.239 dollars per ounce. Platinum for July delivery fell 6.20 dollars, or 0.60 percent, to close at 1,021.90 dollars per ounce.

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