Gold continues to decline as US yields increase

Gold continues to decline as US yields increase
Gold continues to decline as US yields increase

London (Reuters)

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.

Source

Gold continues decline yields increase

 
For Latest Updates Follow us on Google News
 

PREV The Emir of Qatar will send the Minister of Foreign Affairs to Beirut soon to discuss the Lebanese-Gulf crisis
NEXT ATM cash withdrawals drop 5% in the third quarter