Gold price weaker amid firmer greenback gold silver
- Gold and silver prices are lower in early U.S. trading Tuesday and feeling the pressure of a firmer U.S. dollar index on this day. Recently rising U.S. Treasury yields and a still-hawkish U.S. Federal Reserve are also negatives for the two precious metals markets. August gold was last down $8.40 at $1,962.80 and July silver was down $0.251 at $23.875.
In overnight news, China again slightly eased its monetary policy by lowering two key lending rates by 10 basis points. The rate reductions were deemed by China watchers as less than expected. Fed Chair Jerome Powell will provide his semi-annual monetary policy report to Congress on Wednesday and Thursday. Powell is widely expected to repeat comments from his post-Fed meeting press conference, which had a hint of caution but still opened the door to higher rates down the road. The marketplace will be closely watching the testimony for any fresh clues on the timing of the rate increases. Should Powell strike a hawkish note, this could boost the U.S. dollar and U.S. Treasury yields.
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