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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.

FUNDAMENTALS

* 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.

DATA/EVENTS (GMT)

0130 Australia Real GDP QQ, YY SA Q1

0145 China Caixin Mfg PMI Final May

0600 UK Nationwide house price MM, YY May

0750 France S&P Global Mfg PMI May

0755 Germany S&P Global/BME Mfg PMI May

0800 EU S&P Global Mfg Final PMI May

0830 UK S&P GLBL/CIPS Mfg PMI Fnl May

0900 EU Unemployment Rate April

1345 US S&P Global Mfg PMI Final May

1400 US ISM Manufacturing PMI May

1800 US Federal Reserve issues the Beige Book of economic condition




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