Precious metals prices saw a notable rise during trading on Tuesday, as gold and silver continued to make gains, supported by a decline in US Treasury bond yields, while investors await developments in the ongoing talks between the United States and Iran and their potential impact on global markets.
The rise in gold came amid continued demand for safe-haven assets, with caution still prevailing in financial markets, especially given the uncertainty surrounding geopolitical and economic issues.
In contrast, the US dollar index, which measures the performance of the US currency against a basket of major currencies, remained stable at 99.15 points, which contributed to enhancing the appeal of dollar-denominated metals.
Gold futures for August delivery rose 0.90%, or $41.10, to $4,547.40 an ounce.
Meanwhile, the price of gold in spot transactions rose by 0.75% to $4,519.05 per ounce.
Silver also continued its gains, with July futures rising 1.20% to $76.15 an ounce, while spot prices climbed 1.35% to $75.86 an ounce, supported by improved investor appetite for precious metals.
The gains extended to precious industrial metals, with platinum rising 1.35% in spot trading to $1,955.51 an ounce, while palladium increased 1.00% to $1,376.03 an ounce.
In the coming days, investors will be focused on a series of important US economic data releases, most notably the non-farm payrolls report and the unemployment rate, looking for new indicators of the strength of the US labor market and the direction of the Federal Reserve's monetary policy, which may determine the direction of gold and dollar movements in the coming period.
