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Gold prices looked set to climb for a third straight day on Tuesday, what would be the longest winning streak for the yellow metal in more than a month as a rally in the U.S. dollar stalled and Treasury yields ticked lower.
Price action
-
Gold futures for December delivery
GC00,
+0.42% GCZ23,
+0.42%
gained $7.90, or 0.4%, at $1,930 per ounce on Comex. - Silver futures for September delivery SI00 SIU23 gained 13 cents, or 0.6%, to $23.47 per ounce.
-
Platinum futures for October delivery PL00 PLV23 gained $10, or 1.1%, to $923 per ounce, while palladium futures for September delivery
PA00,
+1.81% PAU23,
+1.81%
gained $23.40, or 1.9%, to $1,262 per ounce. -
Copper futures for September delivery
HGU23,
+1.37%
gained 5 cents, or 1.3%, to $3.77 per pound.
Market drivers
Most-active gold futures are on track to rise for a third day, what would be the yellow metal’s first three-day winning streak since July 14, according to FactSet data.
Analysts noted that gold prices are showing signs of stabilizing ahead of Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole later this week. Although Treasury yields pulled back on Tuesday, they remained near their highest levels since 2007.
“Gold prices, in a relatively steep decline for the past month, are showing signs of stabilizing,” Ole Hansen, head of commodity strategy at Saxo Bank, said in emailed commentary.
The yield on the 10-year Treasury note
BX:TMUBMUSD10Y
was off by 2.5 basis points to 4.311% early Tuesday after settling at 4.339% on Monday, the highest end-of-day level since Nov. 6, 2007, according to FactSet data. Meanwhile, the ICE U.S. Dollar Index
DXY,
a gauge of the buck’s strength against a basket of rivals, was flat at 103.33.
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