Ammon News - Gold prices inched lower on Tuesday, pressured by a stronger dollar, while comments from Federal Reserve officials reinforcing expectations of bigger U.S. interest rate cuts later this year limited downward pressure.

Spot gold was down 0.2% to $2,403.22 per ounce as of 0644 GMT. Bullion fell to its lowest since July 26 in the previous session, caught in a global sell-off driven by fears of a U.S. recession.

U.S. gold futures edged 0.02% lower to $2,443.80.

The U.S. dollar rose about 0.3% against its rivals, while the benchmark 10-year Treasury yields also rose, putting pressure on the bullion.

Traders are now anticipating 110 basis points (bps) of easing this year from the Fed, with a 50 bps cut in September priced in at a more than 70% chance.

Lower rates put pressure on the dollar and bond yields, while increasing the appeal of non-yielding bullion.

Spot silver fell 1.5% to $26.87 per ounce.

Platinum was up 1.2% to $917.40, while palladium declined by 0.32% to $846.98 after hitting its lowest levels since August 2018 on Monday.

Reuters