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Gold prices ticked lower on Tuesday weighed down by a stronger dollar and an uptick in benchmark 10-year Treasury yields, while investors refrained from large bets ahead of the U.S. consumer confidence and JOLTS job opening data due at 10 am ET. Federal Reserve Chair Jerome Powell last week reiterated that economic growth and labor market conditions would be closely monitored for future interest rate decisions. Spot gold was down 0.18% to $1,916.21 by 12:15 GMT.
Meanwhile, copper rose to its highest level in more than three weeks in Shanghai following the plan to introduce further measures to support its beleaguered property sector, ANZ said in a note.
Crude oil too edged higher, while natural gas futures were little changed. Traders also kept a watch on Hurricane Idalia, which is expected to rapidly intensify into an extremely dangerous major hurricane before landfall on Wednesday, and could impact crude production in the U.S. Gulf Coast.
Elsewhere, cocoa edged higher among agricultural commodities, while soybeans and wheat futures eased. Weekly condition ratings for the U.S. soybean and corn crops fell slightly last week, a report by the U.S. Department of Agriculture showed on Monday.
- The largest oil exchange traded product, the United States Oil Fund (USO), is bringing back its pre-pandemic market strategy, concentrating its attention on near-term futures contracts.
- Marathon Petroleum (MPC) said Monday its Garyville refinery in Louisiana is operating at reduced rates while a plan is being developed to return the refinery to normal operations, three days after some units were shut down after a fire broke out.
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Read More: Commodity Roundup: Gold lower ahead of July JOLTS report, oil gain