Gold Futures Settle Slightly Higher

Gold Futures Settle Slightly Higher

Gold futures settled higher on Wednesday as the yields on long-term U.S. bonds dropped a bit ahead of the crucial inflation data, due on Thursday.

The yield on U.S. 10-year Treasury Note dropped to 1.490%, the lowest level since March.

However, gold’s uptick was just marginal as the dollar recovered well after tumbling in the European session. The dollar index, which dropped to 89.84, rallied to 90.16 later on in the day, gaining about 0.1%.

Gold futures for August ended up by $1.10 or nearly 0.1% at $1,895.50 an ounce. Gold futures closed lower by 0.2% on Tuesday, falling after two successive days of gains.

Silver futures for July ended up by $0.271 at $28.002 an ounce, while Copper futures for July settled at $4.5310 per pound, down $0.0250 from the previous close.

On the economic front, data from the Commerce Department showed wholesale inventories in the U.S. rose by 0.8% from a month earlier to US$ 698.0 billion in April, after seeing a 1.2% increase in the previous month.

The material has been provided by InstaForex Company – www.instaforex.com