Gold firms amid hopes that US Fed will halt rate hikes

Gold prices stabilized in early Asian trading today, Tuesday, after US service sector data boosted hopes that the Federal Reserve (US central bank) would stop tightening monetary policy this month.

According to Reuters, gold settled in the spot market at $1961.09 an ounce by 0016 GMT, while US gold futures rose 0.2 percent to $1977.30.

The dollar index stabilized after it fell on Monday, while the yield on ten-year Treasury bonds fell to 3.683 percent.

A survey by the Institute for Supply Management showed that the US services sector did not grow significantly in May as new orders slowed, which pushed the price index that companies pay to buy inputs to its lowest level in three years, which may help the US Federal Reserve in its battle against inflation. ,

According to the FedWatch service of the (CME) group, dealers expect by 81.7 percent that the US Central Bank will keep interest rates unchanged at its meeting on monetary policy on June 13-14.

Usually, the attractiveness of gold, which does not yield a return, decreases in light of the high interest rates

As for other precious metals, silver fell 0.1 percent to $23.5595 an ounce, while platinum fell 0.2 percent to $1028.03, and there was little change in palladium at $1413.10 after it fell in the last session.