Gold Edges Down Early as Dollar and Yields Hold Steady
Gold prices eased early on Friday even as the dollar and yields were steady. Gold for August delivery was last seen down $28.00, or 0.7%, to $4,111.80 per ounce. The price of the metal has hovered above the $4,000 mark for the past two weeks, staying well under its Jan. 29 record high of $5,354.90 as the high oil prices that followed the US war on Iran boost inflation, raising concerns central banks will need to lift interest rates. "Precious metals remain weighed down by renewed US rate-hike fears but are finding support from signs of demand returning following a month-long capitulation and correction phase," Saxo Bank noted, The dollar was steady early, with the ICE dollar index last seen down 0.02 points to 100.89. Treasury yields were also little changed, with the yield on the US two-year note last seen unchanged at 4.189%, while the 10-year note was paying 4.549%, little changed on the day.
Gold prices eased early on Friday even as the dollar and yields were steady.
Gold for August delivery was last seen down $28.00, or 0.7%, to $4,111.80 per ounce.
The price of the metal has hovered above the $4,000 mark for the past two weeks, staying well under its Jan.
29 record high of $5,354.90 as the high oil prices that followed the US war on Iran boost inflation, raising concerns central banks will need to lift interest rates. "Precious metals remain weighed down by renewed US rate-hike fears but are finding support from signs of demand returning following a month-long capitulation and correction phase," Saxo Bank noted, The dollar was steady early, with the ICE dollar index last seen down 0.02 points to 100.89.
Treasury yields were also little changed, with the yield on the US two-year note last seen unchanged at 4.189%, while the 10-year note was paying 4.549%, little changed on the day.