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On Tuesday, the value of the main precious metal shows an increase amid expectations by market participants for inflation data in the United States.
Thus, the price of August gold futures on the Comex New York Stock Exchange increased by 0.1% - up to $1900.7 per troy ounce. Meanwhile, the July contract for silver slipped 0.24% to $27.95 an ounce.
Until the end of this week, market participants will evaluate the statistics on inflation in America, which will appear on Thursday. Analysts predict that consumer prices in the United States rose 4.7% on an annualized basis in the past month, following a 4.2% rise in April.
Against the background of the inflationary issue, investors are even more worried about the fate of gold. It is obvious that the tightening of monetary policy by the US Federal system will stimulate the strengthening of the dollar. In turn, a strong dollar has traditionally been an overwhelming factor for the value of gold, making it less attractive to holders of alternative currencies.
As for the results of trading on Monday, gold futures reported growth against the background of the weakening of the US dollar.
Thus, the US national currency fell against most major currencies, while the ICE US dollar index sank 0.2%.
As a result, August gold futures increased by 0.4% - to $1,898.80 per ounce, July silver contracts also increased by 0.4% - to $28.02 per ounce, which was the highest since Wednesday.
At the same time, experts say that the increase in the yield of US government bonds is a serious reason for concern about the cost of gold in the short term, since the growth in the yield of debt securities increases the opportunity costs of owning gold.
Analysts say that their increase is inevitable in the near future, as the market starts to build on a longer acceleration in inflation.
The reason for the spectacular fall in the dollar and Treasury bond yields on Friday was the May statistics on the number of jobs in the non-agricultural sector of the United States published on the eve of May. The published data disappointed market participants, which caused a rise in the yellow metal quotes.
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