2023.06.0609:55:00UTC+00Gold Holds Steady As Growth Worries Mount

Gold prices were flat to slightly higher on Tuesday, as the dollar pulled back, and U.S. bond yields declined on hopes for a pause in Fed hikes at both June and July policy meetings.

Spot gold was virtually unchanged at $1,961.82 per ounce, while U.S. gold futures were up 0.2 percent at $1,977.85.

Data showed on Monday that the U.S. services sector barely grew in May and new orders for manufactured goods rose by slightly less than expected in April, rekindling concerns about inflation and a potential recession.

German factory orders data as well as Eurozone and British retail sales figures all disappointed today - denting appetite for riskier assets.

Geopolitical tensions also remained on investors' radar after the Ukrainian government accused Russia of blowing up the Nova Kakhovka dam on the Dnipro River, which provides water to Crimea and the Zaporizhzhia Nuclear Power Plant (ZNPP).

The International Atomic Energy Agency (IAEA) is monitoring the situation closely.