Gold futures on Tuesday extend a modest gain, with the precious metal supported by expectations for higher inflation and volatility in financial markets.
Gold futures on Tuesday extend a modest gain, with the precious metal supported by expectations for higher inflation and volatility in financial markets, with investors awaiting Jerome Powell’s confirmation hearing for a second four-year term as Federal Reserve Chairman.The modest advance for bullion comes as yields for government debt and the dollar have been climbing, which would usually serve as a headwind for the dollar-priced commodity that doesn’t offer a coupon.
Bullion is viewed a hedge against inflation and has traditionally been perceived as safe-haven asset. The 10-year Treasury note TMUBMUSD10Y, 1.758% was yielding 1.76%, down slightly from 1.779% at 3 p.m. Eastern Time Monday, while the dollar was trading 0.1% lower but holding on to a 0.2% advance for the week so far, as measured by the ICE U.S. Dollar Index DXY, -0.07%.
Separately, March silver SIH22, +0.79% SI00, +0.79% was trading 15 cents, or 0.7%, higher at $22.61 an ounce, after gaining 0.2% on Monday.
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