Gold eases off seven-week high as US bond yields rise
- More than 141.67 million people have been reported to be infected by the novel coronavirus globally and 3,163,124? have died, according to a Reuters tally.
Gold prices edged lower on Tuesday, moving away from a seven-week high hit in the last session, as a rebound in US Treasury yields overshadowed support from a sagging dollar.
FUNDAMENTALS
Spot gold was down 0.1% to $1,768.06 per ounce by 0053 GMT, after hitting its highest since Feb. 25 at $1,789.77 on Monday.
US gold futures were steady at $1,770.70 per ounce.
Benchmark US 10-year Treasury yield rose above 1.6% after hitting a five-week low last week, increasing the opportunity cost of holding non-yielding bullion.
Offering some respite to bullion, the dollar index fell to a more than six-week low against its rivals, making gold less expensive for holders of other currencies.
US President Joe Biden met on Monday with a bipartisan group of lawmakers who have all served as governors or mayors, as the White House seeks a deal on his more than $2 trillion jobs and infrastructure proposal.
Some investors view gold as a hedge against higher inflation that could follow stimulus measures, but higher Treasury yields dull some of the appeal of the non-yielding commodity.
More than 141.67 million people have been reported to be infected by the novel coronavirus globally and 3,163,124? have died, according to a Reuters tally.
Meanwhile, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 1,021.70 tonnes on Monday from 1,019.66 tonnes on Friday.
Among other precious metals, silver eased 0.1% to $25.78 per ounce. Palladium fell 0.3% to $2,804.09. Platinum slipped 0.2% to $1,203.57.
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