Gold futures post highest settlement in 6 weeks

Gold futures climbed on Tuesday, settling at their highest since early June. The recent gains for gold have been triggered by the U.S. dollar falling sharply last week amid expectations that the Federal Reserve is “close to reaching the end of its rate hiking cycle, after both CPI and PPI measures of inflation came in weaker than expected,” said Fawad Razaqzada, market analyst at City Index and Forex.com. Data Tuesday showing weaker U.S. retail sales and industrial production data “further fueled those expectations, causing [Treasury] yields to fall, which in turn helped to support low- and zero-yielding assets, like gold and silver,” he said. Gold for August delivery
GCQ23,
-0.05%
rose $24.40, or nearly 1.3%, to settle at $1,980.80 an ounce on Comex. That was the highest most-active contract finish since June 6, FactSet data show.