Gold closes slightly higher ahead of key data
Gold prices edged up on Wednesday, as the US dollar steadied against most of its peers, and ahead of the key economic data.
The US 10-year Treasury yield fell today below 1.5% for the first time since May 7.
Markets await US inflation data tomorrow, which would set estimates correctly for policy tightening by the Fed in the next few years, amid forecasts for the US consumer price index by 0.4%.
The weekly jobless claims will also be released, which is considered a preliminary gauge of the labor market.
The dollar index rose against a basket of currencies by less than 0.1% to 90.1 points as of 18:19 GMT, after it hit a high of 90.1 points and a low of 89.8 points.
Gold August futures rose less than 0.1 or $1.1, and closed at $1,895.5 an ounce.
Bank of Canada keeps interest rate unchanged
The Bank of Canada announced today to hold the interest rate at 0.25% unchanged.
The bank stated that it will keep its purchases of municipal bonds at $3 billion per month.
The bank stated that the economy is recovering well from the pandemic, but the employment rate is still below pre-pandemic levels.
US crude inventories fall over 5 million barrels - EIA
The Energy Information Administration reported today that the US crude inventories fell 5.2 million barrels to 474 million barrels during the past week, while analysts forecasts a drop by 4.1 million barrels.
Gasoline stocks rose 7 million barrels to 241 million barrels, and the distillate stocks rose 4.4 million barrels to 137.2 million barrels.
While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 2.1 million barrels during the same period.
US stocks open higher as bond yields fall
Most of the US stock indices rose on Wednesday, as investors focused on the US Treasury bond yields movement, ahead of the release of key data in the US.
Ahead of a bond auction later today, the 10-year US Treasury yield fell below 1.5% for the first time since May 7.
The US 10-year Treasury yield fell today below 1.5% for the first time since May 7.
Markets await US inflation data tomorrow, which would set estimates correctly for policy tightening by the Fed in the next few years, amid forecasts for the US consumer price index by 0.4%.
As for stocks, Dow Jones rose less than 0.1% or 20 points to 34,619 as of 14:25 GMT, Nasdaq rose 0.2% or 33 points to 13,957, and S&P 500 rose 0.1% or 4 points to 4,231.