gold prices settled at their highest level in six weeks on tuesday as weakness in the us dollar and lower treasury yields helped keep prices of precious metals and commodities elevated gold futures trade higher week to date and were poised to end higher for the month recent gains for the precious metal have been triggered by the us dollar falling sharply last week amid expectations that the federal reserve is close to reaching the end of its ratehiking cycle after both cpi and ppi measures of inflation came in weaker than expected said fawad razaqzada market analyst at city index and forexcom gold prices have recovered in the past week from three month lows following the release last wednesday of the us consumerprice index for june which was heralded by market analysts as a possible inflection point in the federal reserves battle against inflation last weeks us cpi report showed consumer prices grew by just 02 in june the slowest monthly pace since august 2021 as a result the prices of gold silver and other commodities like crude oil have risen bolstered by a softer us dollar and lower treasury yields lower treasury yields make assets like gold which doesnt offer investors a yield more attractive by comparison data tuesday showing weaker us retail sales and industrial production data further fueled expectations for and end to the feds ratehiking cycle causing treasury yields to fall which in turn helped to support low and zeroyielding assets like gold and silver razaqzada said in a market update against that backdrop the ice us dollar index  a gauge of the dollars strength against other major currencies was up 02 at 10003 tuesday but is around 28 lower month to date the 10year treasury yield fell by 2 basis points to 378 fresh volatility could be on the cards for gold over the next few days as investors focus not only on us economic data but corporate earnings which could influence overall sentiment said lukman otunuga manager market analysis at fxtm this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal