Gold dipped slightly on Tuesday, as a recovery in U.S. Treasury yields from last week’s one-month lows reduced the appeal of non-yielding bullion, with a strong dollar also piling on.
FUNDAMENTALS
* Spot gold was down 0.1% at $1,807.93 per ounce, as of 0101 GMT. U.S. gold futures rose 0.4% to $1,808.50.
* Resuming trade after a weekend extended by the Independence Day holiday on Monday, benchmark U.S. 10-year Treasury yields firmed, weighing on prices of bullion. [US/]
* Gold prices fell in the previous session on prospects of interest rate hikes from central banks that are trying to take on inflation, but managed to stay above the $1,800 price support level.
* Higher interest rates and bond yields raise the opportunity cost of holding non-yielding bullion.
* Spot gold had touched a five-month low of $1,783.50 on Friday.
* The dollar steadied at elevated levels on Tuesday, making gold less appealing for buyers holding other currencies. [USD/]
* World stocks, meanwhile, rose in holiday-thinned trade on Monday, helped by a bounce in oil as concerns over tight supply outweighed recession fears. [MKTS/GLOB]
* Ukrainian President Volodymyr Zelenskiy said on Monday his armed forces were undeterred in their efforts to “break” Moscow’s will to pursue a nearly five-month war, while Russia’s Vladimir Putin hailed his military’s victory in the gruelling battle of Luhansk.
* Spot silver firmed 0.2% to $19.99 per ounce, while platinum fell 0.2% to $883.94, and palladium gained 0.5% to $1,932.22.
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