Gold "Unhappy"

Gold prices fell today, Tuesday, following the release of strong U.S. economic data, with traders now turning their focus to an anticipated speech by Federal Reserve Chairman Jerome Powell to assess the future trajectory of interest rates. Spot gold declined by 0.6% to $1,911.53 per ounce, while U.S. gold futures dropped by 0.5%, settling at $1,923.80 per ounce. U.S. consumer confidence rose in June to its highest level in nearly a year and a half, while new single-family home sales increased more than expected by 12.2% in May. Edward Moya, senior market analyst at OANDA, stated, "Gold is not happy with this news as better economic data will lead to expectations that the U.S. central bank will tighten its policy, which would also raise Treasury yields." Investors are awaiting Powell's comments before the monetary policy committee tomorrow, Wednesday, ahead of other key economic data set to be released on Thursday. Meanwhile, in other precious metals, spot silver rose by 0.1% to $22.79 per ounce, aiming for gains for the third consecutive session. Platinum fell by 0.2% to $922.78 per ounce, and palladium decreased by 0.6% to $1,297.89 per ounce.