Gold yields as dollar slips
Shafaq News/ Gold prices inched higher on Wednesday as the U.S. Federal Reserve Chair, Jerome Powell, said the central bank would
keep monetary policy accommodative as the U.S. economy still needed support.
Spot gold rose 0.3% to $1,806.25 per ounce, having hit its highest since Feb. 16 at $1,815.63 on Tuesday.
U.S. gold futures gained 0.1% to $1,807.30.
The benchmark 10-year U.S. Treasury yield fell on Tuesday. Easy monetary policy tends
to weigh on government bond yields, increasing the appeal of non-yielding gold.
The dollar eased against rivals, making gold cheaper for holders of other currencies.
Investors are looking at the progress of the stimulus bill to assess whether any dip in yields could be a temporary issue.
Silver lost 0.1% to $27.59 an ounce. Platinum climbed 0.6% to $1,244.99, while palladium added 0.2% to $2,356.29.