The decline in U.S. bond yields and greenback dollar trading to some extent helped support gold prices to rise higher in the European session until the beginning of the New York session.
Even so, the increase eased back after the yellow metal was impacted by Federal Reserve (Fed) Chairman Jerome Powell’s statement that the central bank is committed to fighting inflation by raising interest rates at an appropriate rate.
During the Asian trading session, the precious metal traded at $ 1,832 per ounce, down from the $ 1,847 level it had reached in the previous session.
The market now expects the Fed funds rate to peak at around 3.6% by the middle of next year, according to interest rate futures.
Meanwhile, the rise in global inflation continued, as the UK continued to hit a new record 40 -year high in May by rising to 9.1%. Inflation in Canada rose to its highest level since 1983, at 7.7%.
Meanwhile, gold has the potential to be among the assets that may be the target of the European Union’s (EU) next round on Russia, according to a draft document shown on Tuesday.
