Gold drifts lower, US dollar holds firm

Washington , July 2 (BNA):  Gold prices slipped on Tuesday as the US dollar held firm.

Spot gold was down 0.2% at $2,326.82 per ounce, as of 0443 GMT.  US gold futures fell 0.1% to $2,335.70, Reuters reported.

Benchmark 10-year Treasury yields rose to their highest levels since late May on Monday.

In order for gold prices to break above the current range, the market needs to see further weak data points that increase the possibility of a Fed rate cut in September, said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.

Lower rates reduce the opportunity cost of holding zero-yielding gold.

Spot silver fell 0.5% to $29.29 per ounce, platinum lost 0.3% at $975.22 and palladium firmed 1% to $981.43.


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