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Gold and silver futures prices were little changed again on Tuesday though traders still worry that stubborn inflation around the world will push central banks to raise interest rates further.
Price action
-
Gold futures for August delivery
GC00,
-0.65% GCQ23,
-0.65%
fell by $3.20, or 0.2%, to $1,930 per ounce on Comex. -
Silver futures for July delivery
SI00,
+0.15% SIN23,
+0.15%
gained 9 cents, or 0.4%, to $22.92 per ounce. -
Palladium for September delivery
PAU23,
-0.51%
gained $5.30, or 0.4% to $1,308 per ounce, while platinum futures
PLN23,
-0.23%
gained $3.90, or 0.4%, to $936 per ounce. -
Copper futures for September delivery
HG00,
-0.42% HGU23,
-0.42%
fell by 2 cents, or 0.6%, to $3.78 per pound.
Market drivers
Central bankers from Europe and the U.S. have lately reiterated the need to raise interest rates further to restrain inflation which has weighed on prices of gold and silver.
Rate hikes by several European central banks last week helped spur a selloff that eventually took gold and silver to their lowest levels since March on Monday.
While inflation in Europe and the U.S. has waned from last year’s peak, the pace of declines has stalled, prompting central banks including the Federal Reserve to telegraph plans for more rate hikes to try and bring price pressures to heel. That’s seen as bad for gold, since higher rates lift returns for investors buying bonds or keeping their money in cash, or a money-market fund.
“Stubborn inflation is proving to be challenging for gold which has continued to pare its 2023 gains over the last couple of weeks,” said Craig Erlam, senior market analyst at OANDA.
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