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Gold subdued as rising US treasury muted weaker dollar

Category: Economy

Date: 2021-05-12T09:37:42+0000
Gold subdued as rising US treasury muted weaker dollar

Shafaq News/ Gold prices slipped on Tuesday as rising U.S. Treasury yields countered support from a weaker dollar and investors awaited U.S. consumer price data to gauge inflation.

Spot gold fell by as much as 0.4% to a session low of$1,829.94 per ounce at 0510 GMT. U.S. gold futures settled down 0.3% at $1,830.30.

Benchmark U.S. 10-year Treasury yields rose for third straight day, increasing the opportunity cost of holding non-interest bearing bullion.

The dollar index hit a more than two-month low in the session, helping gold pare its earlier loses.

Elsewhere, palladium rose by 0.3% to $2945.02 per ounce, while platinum was down 0.5% at $1229.02. Silver lost 0.9% to $27.38 per ounce.

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