Gold shines with the decline of the dollar

Gold shines with the decline of the dollar
Gold shines with the decline of the dollar

Gold prices rose on Wednesday, as dollar weakness outweighed pressure from rising US bond yields and persistent concerns that interest rates would rise earlier than expected.
Spot gold gained 0.4% to $1,775.21 an ounce by 07:33 GMT. The yellow metal rose about 1.2% on Tuesday before giving up most of those gains as Treasury yields rose. US gold futures rose 0.3% to $1,776.20.

Today, US 10-year Treasury yields approached their highest level since May 20, raising the cost of holding non-yielding gold.

The dollar index was little changed and remained close to Tuesday’s close, which was its lowest level in almost a week, which dispelled the impact of the rise in Treasury bonds. A weak dollar makes gold less expensive for holders of other currencies.

As for other precious metals, spot silver rose 0.8% to $23.84 an ounce.

Platinum rose 0.4% to $1044.51, and palladium rose 0.2% to $201.17.

Source

Gold shines decline dollar

 
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