Gold inches lower before another round of Fed speakers

Gold prices erased overnight gains in North American trade on Tuesday, turning modestly lower as investors shifted their attention to another round of Federal Reserve speakers.

Comex gold futures shed around $2.00, or about 0.2%, to $1,259.63 a troy ounce by 8:20AM ET (12:20GMT). Meanwhile, spot gold was at $1,259.68.

Minneapolis Fed President Neel Kashkari is due to speak at 3:15PM ET, while Philadelphia Fed President Patrick Harker will deliver a speech on the economic outlook in New York at 5:00PM.

Investors are also looking ahead to Wednesday’s minutes of the Fed’s latest policy meeting for further hints on the timing of the next U.S. rate hike.

Futures traders are currently pricing in around a 73% chance of a hike at the Fed’s June meeting, according to Investing.com’s Fed Rate Monitor Tool.

The dollar index, which tracks the greenback against a basket of six major rivals, was at 96.97 in New York morning trade. 

Prices of the yellow metal rose to an overnight peak of $1,263.80 as investors reacted to the news of a deadly suicide bombing at a pop concert in Manchester.

At least 22 people were killed, including some children, and 59 injured by a suspected suicide bomber at the end of a concert by U.S. pop singer Ariana Grande at Manchester Arena on Monday night.

Also on the Comex, silver futures shed 2.9 cents, or about 0.2%, to $17.16 a troy ounce, after hitting its highest since May 1 at $17.21 a day earlier.

Elsewhere in metals trading, platinum added 0.4% to $954.25, while palladium gained 2.1% to $775.00 an ounce.

Copper futures lost 1.1 cents to $2.584 a pound.

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