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Gold prices fell on Thursday, as US Treasury yields rose while investors opted for riskier assets amid a retreat in oil prices after the United Arab Emirates said it would help increase oil production, making safe-haven bullion less appealing.

Fundamentals

  • Spot gold was down 0.8% at $1,975.69 per ounce, as of 0139 GMT, after prices slumped 1% earlier in the session. US gold futures were down 0.5% to $1,978.80.

  • The safe-haven metal pulled back about 3% in the previous session, its worst daily decline since January 2021 - snapping a rally that took it near the August 2020 all-time highs.

  • The benchmark US 10-year Treasury yield rose for a third straight day on Wednesday as concerns over rising prices persisted a day ahead of a report on inflation even as oil prices plunged.

  • Investors await the latest inflation reading on Thursday in the form of the February consumer price index. The US Federal Reserve is scheduled to announce its next policy statement on March 16.

  • Gold is highly sensitive to rising US interest rates, which increase the opportunity cost of holding non-yielding bullion.

  • Commodity prices eased on Wednesday after rallies to multi-year highs as markets digested supply disruption from Russia and Ukraine, major producers of energy, metals and crops.

  • The United States has called on oil producers worldwide to increase production if they can. The UAE and neighbour Saudi Arabia are among the few members of the Organization of the Petroleum Exporting Countries with spare capacity that could increase output.

  • Palladium, used by automakers in catalytic converters to curb emissions, slipped 1.1% to $2,904.04 per ounce. The metal hit a record high of $3,440.76 on Monday, driven by fears of supply disruptions from top producer Russia.

  • Among other metals, spot silver shed 0.9% to $25.49 per ounce, while platinum fell 1.1% to $1,065.14.

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