PRECIOUS-Gold slips to one-week low on higher Treasury yields - Reuters

singkrata.blogspot.com

    * Investors await March U.S. inflation data at 1230 GMT
    * U.S. 10-year yields hit one-week peak
    * Platinum hits two-week low
    * Palladium rises to near 1-month high

 (Updates prices)
    By Sumita Layek
    April 13 (Reuters) - Gold prices fell to their lowest in
more than a week on Tuesday after the metal's appeal was dented
by higher Treasury yields and as investors awaited U.S.
inflation data.
    Spot gold        was 0.2% lower at $1,729 per ounce by 1200
GMT, having earlier dipped to its lowest since April 5 at
$1,722.67. U.S. gold futures        eased 0.2% at $1,729.70.
    "We're trading a little bit softer after the Treasury
auctions yesterday in the U.S. helped drive yields a tab
higher," Saxo Bank analyst Ole Hansen said.
    Benchmark 10-year Treasury yields scaled an one-week peak,
increasing the opportunity cost of holding gold, which pays no
interest, while the dollar also firmed.           
    Investors are await the U.S. Consumer Price Index (CPI) data
for March at 1230 GMT. A Reuters survey expects CPI to rise 2.5%
year-over-year in March.                         
    "The big question is really whether these high inflation
numbers are going to stick around... I think they will and
eventually will be the reason why we will see a recovery in gold
and other precious metals," Hansen added.
    Bullion is used as a hedge against inflation.
    Boston Federal Reserve Bank President Eric Rosengren said on
Monday it was unlikely the economy would overheat this year, and
the Fed had the tools to counter any surprise jumps in
inflation.                 
    "Even though several strong voices from the Fed have vowed
to tolerate inflation and keep rates down till the economy
rebounds to satisfactory levels, the market thinks the central
bank will have to taper as early as the beginning of 2022," IG
Market analyst Kyle Rodda said.
    Elsewhere, silver        rose 0.5% to $24.97 per ounce,
while palladium        was up 1% at $2,702.74 after climbing to
its highest since March 18 at $2,710.
    Platinum        shed 0.2% to $1,168.30, having earlier
fallen to its lowest in about two weeks at
$1,160.50.            

 (Reporting by Sumita Layek and Diptendu Lahiri in Bengaluru;
editing by Barbara Lewis, Kirsten Donovan)
  

Let's block ads! (Why?)

"low" - Google News
April 13, 2021 at 05:09PM
https://ift.tt/3gbbgbx

PRECIOUS-Gold slips to one-week low on higher Treasury yields - Reuters
"low" - Google News
https://ift.tt/2z1WHDx


Bagikan Berita Ini