Gold Falls as U.S Bond Yields, Dollar Strengthen
Gold price ended lower on Thursday following five days of gains as the United States (U.S) dollar and bond yields both rose ahead of the holiday weekend.
Market data shows that Gold for June delivery closed down US$9.90 to US$1,974.90 per ounce. Palladium, silver and other commodities were affected by bearish trades, according to www.goldprice.org
The drop from the highest in a month comes as the safe-haven buying eased after rising after this week’s data from the United States showed inflation continued to accelerate to fresh 40-year highs, while Russia’s war on Ukraine continues as it readies to push into the countries east.
Bond yields rose, bearish for gold since it offers no interest, with the yield on the US 10-year note last seen up 13.1 basis points to 2.828%. READ: Gold Price Spikes as U.S Bond Yields Peak
The dollar also strengthened, making the metal more expensive for international buyers. The ICE dollar index was last seen up 0.48 points to 100.36. #Gold Falls as U.S Bond Yields, Dollar Strengthen
