Gold Finishes Higher Following PMI Data

Gold prices finished higher on Tuesday after PMI data showed continuous expansion in the U.S. services sector but at a slower pace in June after recording a new high in May.

A drop in the U.S. Treasury bond yields also provided support for the yellow metal, as the 10-year and 30-year bond yields declined to their lowest levels since February.

Front-month gold futures gained $10.90, or 0.61%, to settle at $1,793.50 per ounce.

This was the biggest rise for gold’s contracts since June 21, despite maintaining a rising trend for four consecutive sessions, and the highest closing level since June 16.