Gold price today: Gold inches down as US bond yields jump


Gold fell slightly on Tuesday as a recovery in US Treasury yields from last week’s one-month low dampened the appeal of non-yielding bullion, with a stronger dollar accumulating.


* Spot gold was down 0.1% at $1,807.93 an ounce as of 0101 GMT. US gold futures rose 0.4% to $1,808.50.

* Trading resumed on Monday after a weekend extended from the Independence Day holiday, with benchmark US 10-year Treasury yields firming up, weighing bullion prices. [US/]

* The fall in gold prices in the previous session was on prospects of a hike in interest rates by central banks, which were trying to contain inflation, but managed to stay above the $1,800 price support level.

* Higher interest rates and bond yields increase the opportunity cost of holding non-yielding bullion.

* Spot gold had hit a five-month low of $1,783.50 on Friday.

* The dollar held higher on Tuesday, making gold less attractive to buyers holding other currencies. [USD/]

* World stocks, meanwhile, rose in holiday-thin trade on Monday, helped by a surge in oil as concerns over tight supplies stoked fears of a recession. [MKTS/GLOB]

* Ukrainian President Volodymyr Zelensky said on Monday that his armed forces were adamant in their efforts to “break” Moscow’s will to pursue a nearly five-month war, while Russia’s Vladimir Putin rallied his forces in the fierce Battle of Luhansk. appreciated the victory.

* Spot silver rose 0.2% to $19.99 an ounce, while platinum fell 0.2% to $883.94 and palladium rose 0.5% to $1,932.22.


Source link

Related posts

Leave a Comment