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Precious-Gold gains as dollar, U.S. Treasury yields lose shine

Category: Economy

Date: 2021-04-06T06:57:28+0000
Precious-Gold gains as dollar, U.S. Treasury yields lose shine

Shafaq News / Gold prices rose on Tuesday to their highest level in more than a week as a weaker dollar and pullback in U.S. bond yields lifted demand for the safe-haven metal, Reuters reported. 

Spot gold was up 0.4% at $1,734.72 per ounce by 0434 GMT after hitting its highest since March 26 at $1,735.30.

U.S. gold futures were also up 0.4% at $1,734.80 per ounce.

The dollar slumped to an almost two-week low versus a basket of rival currencies, making gold cheaper for buyers outside the United States. [USD/]

Benchmark U.S. Treasury yields slipped, moving further away from a 14-month peak hit last week. Lower bond yields reduce the opportunity cost of holding non-interest bearing gold. [US/]

Meanwhile, recent better-than-expected economic readings out of the United States have lifted hopes around swift recovery and drove investors towards riskier assets.

Elsewhere, silver was flat at $24.90 per ounce, while palladium was down 0.4% at $2,654.33 per ounce. Platinum inched down 0.1 %, to $1,207.50 per ounce.

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