Gold Slides As Dollar Firms and Treasury Yields Bounce

A hallmark is struck on a gold ingot at the Gulidov Krasnoyarsk non-ferrous metal factory.

Kirill Kukhmar | TASS | Getty Images

Gold prices fell on Wednesday as a dynamic dollar and a rebound in US Treasury yields dampened inflows into safe-haven bullion, spurred by fears that the variant of the coronavirus delta could block a global recovery .


Spot gold was down 0.1% at $ 1,808.45 an ounce at 12:35 GMT.

US gold futures fell 0.1% to $ 1,808.90 an ounce.

Yields on 10-year Treasuries rebounded from five-month lows, raising the opportunity cost of holding non-interest-bearing gold.

The dollar, also seen as a safe bet during geopolitical uncertainties, held up near a 3.5-month peak against its rivals, potentially reducing appetite for gold by making the metal more expensive for holders other currencies.

Wall Street rebounded on Tuesday as bullish earnings reports and rekindled economic optimism boosted risk appetite, after a multi-day streak of losses driven by an increase in coronavirus cases around the world and an increase in deaths in the United States.

Many Bank of Japan policymakers have said rising global commodity costs will gradually push up the country’s inflation, though some have warned that weak consumption will keep any upward pressure modest, the lawsuit says. -verbal of their June meeting.

Swiss gold exports to India edged up in June, although they remained well below levels at the start of the year, while shipments to mainland China fell, data showed on Tuesday. Swiss customs.

Russia’s central bank said the country’s gold reserves stood at 73.7 million troy ounces in early July.

Miner Barrick Gold has resumed surface operations, including processing at its Hemlo mine in the Canadian province of Ontario after a worker death last week suspended mining, a carrier said on Tuesday. word of the company.

Silver was flat at $ 24.92 an ounce, palladium rose 0.2% to $ 2,637.68 and platinum gained 0.3% to $ 1,069.49.

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