Stock Market

Gold, silver inch higher but remain stuck in range – News Opener

Gold prices inched higher on Tuesday, but remained mired in a range between $1,800 and $1,880 — a range that has held since mid-May.

Price action
  • Gold futures
    GC00,

    expiring in August gained $1.10, or 0.2%, to $1,826 per ounce.

  • Silver futures
    SI00,
    +0.27%

    expiring in July rose five cents, or 0.1%, to $21.22 per ounce.

  • Palladium futures
    PA00,
    +0.65%

    expiring in September rose $5.20, or 0.3%, to $1,850 an ounce.

  • Platinum futures
    PL00,
    +1.86%

    expiring in July rose $20, or 2.2%, to $920 an ounce.

What analysts are saying

Commodities analysts at Commerzbank attributed Tuesday’s move in gold prices to the rebound in Treasury yields. Bond yields move inversely to prices, and higher yields make gold a less attractive investment by comparison, since buyers of bonds can at least pocket some yield in the form of coupon payments.

Outflows from gold and silver exchange-traded funds also weighed on the precious metals complex.

 “Another sizeable outflow from ETFs presumably also put pressure on gold: holdings in the gold ETFs tracked by Bloomberg were reduced by a good 6 tons yesterday. The momentum of outflows has picked up pace again of late,” wrote Daniel Briesemann, a Commerzbank precious metals analyst.

Other markets
  • The yield on the 10-year Treasury rose three basis points to 3.22%.

  • U.S. stock futures were headed for a higher open as Dow futures
    DJIA,
    -0.20%

    were on track to rise more than 60 points at the open.

  • The U.S. dollar climbed
    DXY,
    +0.30%

    against a basket of its rivals.

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