Gold prices fell yesterday after rising US bond yields and an unexpected increase in retail sales in September weakened the precious metal’s safe-haven appeal.
And gold lost 1.5 percent, falling to $ 1769.60 an ounce, at 13.51 GMT. US gold futures fell 1.6 percent to $1,768.50 an ounce.
US retail sales unexpectedly rose in September while boosting stocks, extending losses to gold, which is used to hedge losses. Ten-year US Treasury yields have also recovered, which increases the potential cost of holding gold.
As for other precious metals, silver fell one percent to $23.31 an ounce, but it is still on track to record the largest weekly increase in seven weeks.
Platinum rose 0.1 percent to $1,056.58 an ounce, while palladium lost 1.5 percent to $2,097.47 an ounce. Platinum and palladium are heading towards recording weekly gains.