Gold futures settled modestly higher on Tuesday, extending their gains into a second consecutive session, but prices remained down by more than 5% for month to date.
The precious metal needs to trade above $1,700 until the Federal Reserve meeting on July 26-27, “for any recovery to a short-term bullish zone,” said Chintan Karnani, director of research at Insignia Consultants. If gold fails to hold that $1,700 level before the Fed meeting, prices could fall back to test the $1,650-$1,660 zone, he said. August gold GCQ22 rose 50 cents, or 0.03%, to settle at $1,710.70 an ounce.