Gold futures declined for a third consecutive session on Tuesday. “For gold to rally, it needs Wall Street to become confident that the Fed is done raising rates,” said Edward Moya, senior market analyst at OANDA, in a market update. Data released Tuesday showed that U.S. inflation has slowed, with consumer prices up 0.1% in May. This inflation report was “in-line, but some Fed members might be concerned that core pricing pressures are looking sticky,” Moya said. “The Fed will remain data-driven, but optimism should be high that the end of tightening is near.” Gold for August delivery
GCQ23,
fell $11.10, or 0.6%, to settle at $1,958.60 an ounce on Comex.
