Gold hits 1-week low as yields rise ahead of Fed statement

Shafaq News / Gold prices slipped to a one-week low on Wednesday as U.S. Treasury yields firmed up ahead of a Federal Reserve policy statement later in the day, Reuters reported.

Spot gold was down 0.6% at $1,766.44 per ounce by 0729 GMT, having fallen to its lowest since April 20 at $1,764.90 earlier in the day. U.S. gold futures eased 0.7% to $1,766.70 per ounce.

Benchmark U.S. 10-year Treasury yields jumped to their highest since April 13, increasing the opportunity cost of holding bullion.

U.S. consumer confidence soared to a 14-month high in April, as more businesses reopened.

The dollar index rose 0.2% against its rivals, making gold more expensive for holders of other currencies.

Investors now await the Fed's statement, which is expected

to provide cues on the central bank's monetary policy outlook.

Palladium fell 0.4% to $2,931.51 per ounce, after hitting an all-time high of $2,962.50 on Tuesday.

Silver fell 1.2% to $25.92 per ounce. Platinum

was down 0.9% at $1,217.90.