Gold prices extend gains for 2nd straight session

Gold prices extended gains for the second session in a row today, June 6, despite the rise in the US dollar and Treasury bond yields amid mixed stock performance.

Bullion for August delivery nudged up 0.40%, or $7.20, to close at $1,981.50 an ounce.

Likewise, the US dollar index, which gauges the greenback's strength against a basket of six currencies, ticked 0.20% higher to stand at 104.20 points at 08:59 pm Makkah time.

Investor appetite for the yellow metal mounted amid the mixed performance of US stock indices in mid-trading today. This came in tandem with an uptick in US Treasury bond yields.

Elsewhere, traders are assessing the possible outcomes of the Federal Reserve’s June 13-14 meeting. Expectations indicate that interest rates will remain fixed, but markets are awaiting signals from policymakers about prospects for monetary policy.

According to the CME FedWatch Tool, traders are pricing in a 79.4% chance that the US central bank will hold rates at its June 13-14 meeting, against a 20.6% probability for a 25-basis-point hike.