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Gold slips as rise in U.S. bond yields dent demand

Category: Economy

Date: 2022-06-09T06:28:52+0000
Gold slips as rise in U.S. bond yields dent demand

Shafaq News / Gold inched lower on Thursday, with prices restrained by rising Treasury yields ahead of key U.S. jobs and inflation data this week.

Spot gold was down 0.1% at $1,852.21 per ounce, as of 0052 GMT, while U.S. gold futures also eased 0.1% to $1,853.90.

Benchmark U.S. 10-year Treasury yields firmed on Thursday, lowering the appeal of zero-yield gold.

SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.22% to 1,065.39 tonnes on Wednesday from 1,063.06 tonnes on Tuesday.

U.S. Treasury Secretary Janet Yellen said on Wednesday the Biden administration was looking to "reconfigure" tariffs on Chinese imports but warned that such cuts would not be a "panacea" for easing high inflation.

The war in Ukraine has made the growth outlook far bleaker even though the global economy should avoid a bout of 1970s-style stagflation, the OECD said on Wednesday, slashing its growth forecasts and jacking up its inflation estimates.

Spot silver was flat at $22.04 per ounce, while platinum fell 0.2% to $1,003.64, and palladium rose 0.4% to $1,950.12.

(Reuters)

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