GOLD - Slippage when putting faith in the US Dollar
Spot gold fell 0.2 percent to $1,944, near its lowest level since May 30. U.S. gold futures fell 0.6 percent to $1,958. Gold slid on Monday as the dollar rose on last week's strong US jobs data, offsetting some support for bullion with no yield from bets that the Federal Reserve could may pause rate hikes in June.
Meanwhile, benchmark US yields are near a one-week high. But providing a floor for bullion prices, the likelihood of the Fed keeping rates at its June 13-14 meeting is pegged at 79.4%, according to the CME FedWatch Tool. Non-yielding bullion tends to become less attractive in a high interest rate environment.
Meanwhile, benchmark US yields are near a one-week high. But providing a floor for bullion prices, the likelihood of the Fed keeping rates at its June 13-14 meeting is pegged at 79.4%, according to the CME FedWatch Tool. Non-yielding bullion tends to become less attractive in a high interest rate environment.
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