Bengaluru
Gold edged lower on Tuesday on a firmer dollar and equities as the market awaited cues on the path of interest rate hikes in the United States ahead of Federal Reserve Chair Janet Yellen's testimony on Wednesday.
The market was looking ahead to Wednesday and Thursday as Yellen will deliver two days of testimony on the US central bank's semi-annual report on monetary policy and the economy.
A higher dollar, in which gold is priced, would also lower the value of the yellow metal. "If the (Yellen) commentary is a little more hawkish, it's going to put a little more pressure on gold again and going by previous FOMC minutes, it's probably going to be," said MKS PAMP analyst Tim Brown, adding "a lot of it has already been priced in."
Spot gold was down 0.2 percent at $1,211.34 per ounce. US gold futures for August delivery fell 0.2 percent to $1,210.50 per ounce.
State Bank of Pakistan building in this undated image. — SBP/FileKARACHI: The State Bank of Pakistan on Thursday...
The signing ceremony took place during the BYD Asia Pacific dealer conference event in Xi’an
The image shows a person in Pakistan receiving money from a person in Dubai. — Facebook/Bank AL Habib LimitedLAHORE:...
The MoU was signed by Omer Bin Tariq, country head of Onic Pakistan, and Imran Saleem, general manager ride hailing at...
A representational image of gold bangles. — AFP/FileKARACHI: Gold prices increased by Rs1,500 per tola on Thursday...
US flags hoisted outside the National Mall in Washington, DC. — AFP/FileWASHINGTON: The US economy grew faster than...