Gold hits highest since May 14 as Treasury buyback news lifts prices
Gold rose on Tuesday after news about U.S. Treasury buybacks supported demand. Spot gold gained 0.6% to $4,676.75 an ounce and touched its highest since May 14, while futures climbed 0.8% to $4,734.50. Markets are watching upcoming U.S. inflation data and remarks from the Federal Reserve chair for clues on interest rates. Citi on Monday lifted its 0-to-3-month gold target to $4,800 an ounce and kept its 6-to-12-month target at $5,000, citing easing Strait of Hormuz tensions, lower real rates and a less hawkish Fed.