Gold Price Today So Flat Aftre Global Sentiment

Gold prices edged higher in late trading early on Tuesday but touched their lowest levels since mid-March after strong economic data in the United States and Germany raised expectations that the central bank will raise interest rates.

The spot gold price of LLG, which fell 2.3 percent last week, was up 0.05 percent at $ 1,213.41 an ounce, having earlier touched $ 1,204.45, the lowest since March 15.

U.S. gold futures prices For August delivery to close at $ 1,213.20 an ounce.

Gold is very sensitive to rising interest rates as they push bond yields, increasing the opportunity cost of holding up unproductive gold. They also tend to boost the dollar, where gold is valued.

Reasons for tightening are reinforced by U.S. work data A better-than-expected and strong German export figure.

Gold's weakness also boosted optimism about the outlook for global growth, boosted stock markets and the dollar, prompting investors to dump gold for risky assets.

The market looked ahead for Wednesday and Thursday, when US Federal Reserve Chairman Janet Yellen discussed the economy before Congress.

Yield of U.S. government bonds Has risen sharply since late June and neared a two-month high, while gold fell nearly 7 percent from a high of $ 1,295.97 a month ago.

Investors have lowered benchmark interest rates at higher prices, reducing their long net position in COMEX gold in the week to July 3 by more than half to the smallest bullish position since January.

The world's largest gold holdings supported by the ETF exchange, the SPDR Gold Trust, fell 2 percent in the week to Friday.

Hedge fund and financial managers at the 3rd week of July reduced their long net position in COMEX gold and silver for the fourth consecutive week, U.S. Commodity Futures Trading Commission (CFTC) showed on Friday.

Among other precious metals, silver rose 0.32 percent to $ 15.63 an ounce after touching $ 15.16. Prices are at their lowest level since April last year and net net investor positions in silver position in the week to 3 July fell to the lowest level since December 2015.

Palladium was down 0.6 percent at $ 833.35 and Platinum slipped 0.8 percent to $ 896.60 an ounce.

Analyst Vibiz Research Center estimates gold prices are potentially weak with strong global economic data, boosting bond yields and central bank interest rate hikes. The gold price is expected to move within the Support range of $ 1.211- $ 1.209, and if the price moves up it will break through the Resistance range of $ 1.215- $ 1.217.