Gold prices inched higher in cautious trade on Thursday after suffering sharp losses in the previous two sessions. A softer dollar also offered some support.
Spot gold edged up 0.3 percent to $1,743.35 per ounce, while U.S. gold futures were up 0.3 percent at $1,742.15.
The dollar index eased slightly while U.S. Treasury yields extended gains after minutes from the Fed’s June meeting suggested that another interest rate increase of 50 or 75 basis points is likely at the July meeting to tame inflation.
James Bullard, the St Louis Fed President, and Fed Governor Christopher Waller are both due to speak later today as investors await Friday’s monthly jobs report, which is currently forecast to show the economy added 265,000 payrolls in June.
The British pound strengthened against the dollar in the wake of unconfirmed reports that Prime Minister Boris Johnson will resign today, following an unprecedented wave of resignations from his government over the past two days.
The material has been provided by InstaForex Company – www.instaforex.com
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