Gold slips on higher treasury yields, US Fed speakers on tap

Gold prices slipped on Monday, hurt by higher Treasury yields, while investors awaited more US data and comments from Federal Reserve officials throughout the week for more cues on the outlook for monetary policy. Spot gold was down 0.8% at $2,315.14 per ounce as of 12:33 p.m. ET (16:33 GMT). US gold futures fell 0.8% to $2,330.10.

“There’s really a lack of major fresh fundamental news, so the gold market is looking to the outside markets for direction,” said Jim Wyckoff, senior market analyst at Kitco Metals.

“Gold prices are probably going to grind sideways between $2,300 and $2,400 until the next major fundamental catalyst occurs, which may not occur until sometime in July.”

The US 10-year Treasury yields ticked higher after falling sharply last week, making non-yielding bullion less attractive for investors.

Traders are keeping a close watch on upcoming comments from New York Fed President John Williams, Philadelphia Fed President Patrick Harker and Fed Governor Lisa Cook. Minneapolis Fed President Neel Kashkari said on Sunday i”s a “reasonable prediction” that the Fed will cut rates once this year, waiting until December to do so.