Gold inched up in choppy trading on Tuesday, buoyed by easing U.S. Treasury yields while a firmer dollar capped gains, as markets awaited a testimony from Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen.
Spot gold rose 0.2% to $1,741.91 per ounce by 1013 GMT. U.S. gold futures eased 0.1% at $1,737.20.
“The market seems to be struggling, especially at the $1,745 level, a little bit of weakness is coming in on a firmer dollar, and yields are not greatly changed,” said independent analyst Ross Norman. But “looking ahead, it’s going to be all about inflation in the second half of this year. And it’ll be far, far hotter than the Fed’s indicating” and gold will perform well then, Norman added.
KEFI Gold & Copper plc (LON:KEFI) is an exploration and development company focussed on gold and copper deposits, primarily in the highly prospective Arabian-Nubian Shield.