Gold inches down as U.S. bond yields bounce back

Author of the article: Gold dipped slightly on Tuesday, as a recovery in U.S. Treasury yields from last week’s one-month lows reduced the appeal of non-yielding bullion, with a strong dollar also piling on. FUNDAMENTALS * Spot gold was down 0.1% at $1,807.93 per ounce, as of 0101 GMT. U.S. gold futures rose 0.4% to…
Gold inches down as U.S. bond yields bounce back

Author of the article:

Gold dipped slightly on Tuesday, as a

recovery in U.S. Treasury yields from last week’s one-month lows

reduced the appeal of non-yielding bullion, with a strong dollar

also piling on.

FUNDAMENTALS

* Spot gold was down 0.1% at $1,807.93 per ounce, as

of 0101 GMT. U.S. gold futures rose 0.4% to $1,808.50.

* Resuming trade after a weekend extended by the

Independence Day holiday on Monday, benchmark U.S. 10-year

Treasury yields firmed, weighing on prices of bullion.

* Gold prices fell in the previous session on prospects of

interest rate hikes from central banks that are trying to take

on inflation, but managed to stay above the $1,800 price support

level.

* Higher interest rates and bond yields raise the

opportunity cost of holding non-yielding bullion.

* Spot gold had touched a five-month low of $1,783.50 on

Friday.

* The dollar steadied at elevated levels on Tuesday,

making gold less appealing for buyers holding other currencies.

* World stocks, meanwhile, rose in holiday-thinned trade on

Monday, helped by a bounce in oil as concerns over tight supply

outweighed recession fears.

* Ukrainian President Volodymyr Zelenskiy said on Monday his

armed forces were undeterred in their efforts to “break”

Moscow’s will to pursue a nearly five-month war, while Russia’s

Vladimir Putin hailed his military’s victory in the grueling

battle of Luhansk.

* Spot silver firmed 0.2% to $19.99 per ounce, while

platinum fell 0.2% to $883.94, and palladium

gained 0.5% to $1,932.22.

DATA/EVENTS (GMT)

0145 China Caixin Services PMI June

0430 Australia RBA Cash Rate July

0500 India S&P Global Svcs PMI June

0750 France S&P Global Svcs, Comp PMIs June

0755 Germany S&P Global Svcs PMI June

0755 Germany S&P Global Comp Final PMI June

0800 EU S&P Global Svcs, Comp Final PMIs June

0830 UK Reserve Assets Total June

1400 US Factory Orders MM May

(Reporting by Bharat Govind Gautam in Bengaluru; editing by

Uttaresh.V)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Indonesia bulls cheer better-late-than-never rate hike
Read More

Indonesia bulls cheer better-late-than-never rate hike

Author of the article: SINGAPORE — Indonesia’s first interest rate hike in four years made its central bank one of the last to abandon pandemic-era monetary settings, but it’s also given investors cause to stay bullish on one of the world’s more resilient emerging markets. Bank Indonesia raised its benchmark rate on Tuesday as it…
Shopify to lay off 10% of workforce
Read More

Shopify to lay off 10% of workforce

'Ultimately, placing this bet was my call to make and I got this wrong': Tobi Lütke Author of the article: Shopify's headquarters in Ottawa. Photo by David Kawai/Bloomberg Canadian tech giant Shopify Inc. laid off 10 per cent of its workforce Tuesday after what its chief executive Tobi Lütke called a failed bet that e-commerce…
NYSE glitch sows confusion, prompts investigation
Read More

NYSE glitch sows confusion, prompts investigation

Author of the article: Reuters John Mccrank and Medha Singh and Chuck Mikolajczak Published Jan 24, 2023  •  3 minute read Join the conversation NEW YORK — A technical issue with the New York Stock Exchange’s opening auction on Tuesday led to more than 80 stocks being briefly halted at the start of trading, sowing…
Asia’s Richest Man Looking to Buy Bankrupt Textile Firm in India
Read More

Asia’s Richest Man Looking to Buy Bankrupt Textile Firm in India

Author of the article: Bloomberg News Anurag Kotoky (Bloomberg) — Mukesh Ambani’s Reliance Industries Ltd., along with a partner, are among those bidding to take over bankrupt Indian textile firm Sintex Industries Ltd., according to a stock-exchange filing, as the billionaire attempts to diversify from an oil empire and into telecommunications, green energy and fashion. …