Gold prices rose slightly after drop, investors cautious, focus on inflation and US monetary policy

From Investing.com: 2024-07-10 06:10:00

Gold prices rose by 0.18% on Tuesday as traders cautiously bought gold after a sharp drop the day before. Federal Reserve Chairman Jerome Powell’s remarks on inflation and easing monetary policy were highlighted by Reuters. Market attention is now on the CPI data for June, expecting a small increase. Inflation data and US monetary policy will guide gold prices. Euro weakened as Powell did not provide a timeline for rate cuts, but emphasized labor market conditions. The Canadian Dollar struggled after strong US Dollar gains, as rate cut expectations by the Bank of Canada rise, and traders await US inflation data.



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