2021.08.1010:29:00UTC+00Gold Holds Steady In Lackluster Trade

Gold held steady on Tuesday after seeing steep losses in the last two sessions.

Spot gold slipped 0.1 percent to $1,728.58 per ounce, while U.S. gold futures were up 0.2 percent at $1,730.10.

Treasuries were little changed while the dollar edged higher as traders wait for the reading on U.S. consumer price inflation on Wednesday for directional cues.

Asian and European stocks were broadly higher despite lingering concerns over the spread of the Delta variant of the coronavirus and the possibility of an early tapering of the bond buying program by the U.S. Federal Reserve.

Two Fed officials said the U.S. economy is growing rapidly and that inflation is already at a level that could satisfy one leg of a key test for the beginning of interest rate hikes.

Meanwhile, the U.S. Senate is expected to pass $1 trillion bipartisan infrastructure bill later in the day and send it to the House of Representatives for a vote.

Senate Majority Leader Chuck Schumer said that after the vote on the infrastructure bill, the Senate will begin a fresh debate on $3.5 trillion plan aimed at expansion of social programs.

The larger proposal has no Republican support and would be passed through a special process known as a budget reconciliation.