NEW YORK: Gold prices slipped from a two-month high on Thursday as the dollar and bond yields ticked higher, although hopes for a pause in rate hikes by the US Federal Reserve after July meeting limited the decline.
Spot gold was down 0.5% at $1,967.59 per ounce by 11:47 a.m. EDT (1547 GMT), after hitting its highest since May 17 earlier in the session.
US gold futures fell 0.5% to $1,970.30.
“The yields and dollar have actually bounced a little, so we’re seeing a slight reverse effect in gold. Also this $2,000 area is going to be a bit of a challenge for the gold market in the short term,” said David Meger, director of metals trading at High Ridge Futures.
The dollar gained 0.6% against its rivals after the US jobless claims data, making gold more expensive for other currency holders. Benchmark 10-year US Treasury yields rose to 3.850%. [USD/ Data showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, touching the lowest level in two months amid ongoing labor market tightness.
Comments
Comments are closed for this article.