gold price today: Gold inches down as US bond yields bounce back

Gold dipped barely on Tuesday, as a restoration in U.S. Treasury yields from final week’s one-month lows lowered the attraction of non-yielding bullion, with a robust greenback additionally 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 commerce after a weekend prolonged by the Independence Day vacation on Monday, benchmark U.S. 10-year Treasury yields firmed, weighing on costs of bullion. [US/]

* Gold costs fell within the earlier session on prospects of rate of interest hikes from central banks which are making an attempt to tackle inflation, however managed to remain above the $1,800 value assist stage.

* Greater rates of interest and bond yields elevate the chance value of holding non-yielding bullion.

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

* The greenback steadied at elevated ranges on Tuesday, making gold much less interesting for consumers holding different currencies. [USD/]

* World shares, in the meantime, rose in holiday-thinned commerce on Monday, helped by a bounce in oil as issues over tight provide outweighed recession fears. [MKTS/GLOB]

* Ukrainian President Volodymyr Zelenskiy mentioned on Monday his armed forces had been undeterred of their efforts to “break” Moscow’s will to pursue a virtually five-month struggle, whereas Russia’s Vladimir Putin hailed his navy’s victory within the gruelling battle of Luhansk.

* Spot silver firmed 0.2% to $19.99 per ounce, whereas platinum fell 0.2% to $883.94, and palladium gained 0.5% to $1,932.22.