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Wednesday, July 6, 2022

Gold hits near 2-week low as US bond yields, dollar firm | Bullion News – Mrit News

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Gold prices hit a near two-week low on Wednesday, as rising Treasury yields and a strengthening U.S. dollar continued to sap demand for greenback-priced bullion.


* Spot gold was down 0.2% at $1,834.09 per ounce, as of 0044 GMT, its lowest since May 20. U.S. gold futures fell 0.6% to $1,838.20.

* The dollar index steadied after gaining on Tuesday, making bullion more expensive for buyers holding other currencies. [USD/]

* Benchmark U.S. 10-year Treasury yields rose, lowering the appeal of zero-yield gold. [US/]

* Gold prices fell about 1% in the previous session, and recorded a second consecutive month of declines in May.

* U.S. President Joe Biden on Tuesday met with Federal Reserve Chair Jerome Powell to discuss historic inflation that`s draining American wallets, even as he assured the central bank chief he would have freedom from political interference.

* Bullion is considered a hedge against inflation, but the Fed hiking short-term U.S. interest rates to fight rising costs raises the opportunity cost of holding it, as gold itself yields no interest.

* SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, said its holdings fell 0.1% to 1,068.36 tonnes on Tuesday from 1,069.81 tonnes on Friday. [GOL/ETF]

* Spot silver dipped 0.1% to $21.2 per ounce, and platinum fell 0.1% to $963.48, while palladium firmed 0.1% to $2,000.79.


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