Gold steady as dollar retreat offsets firmer Treasury yields
Add BT as a preferred source
GOLD prices were steady on Tuesday (May 17) as a pullback in the dollar supported demand for greenback-priced bullion, although the metal's strength was partially offset by a recovery in US Treasury yields.
Spot gold held its ground at US$1,825.66 per ounce, as of 12.46 am GMT. US gold futures gained 0.6 per cent to US$1,825.00.
The dollar index moved lower for a second straight session, having hitting a 20-year peak last week, with the global economy in focus after weak economic data from China highlighted worries about the prospects for a global slowdown.
A weaker dollar makes gold more attractive for buyers holding other currencies.
However, benchmark US 10-year Treasury yields climbed, limiting demand for non-interest-bearing gold.
Gold rose slightly on Monday as a fall in Treasury yields lifted prices after they slid to a 3-1/2-month low earlier in the day.
Spot silver was flat at US$21.59 per ounce, and platinum edged up 0.1 per cent to US$946.85, while palladium fell 0.4 per cent to US$2,018.15.
Improving demand and lower supply will help palladium and rhodium swing back into deficit this year and reduce platinum's surplus, consultants Metals Focus said on Monday. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Digital Realty, STT GDC among data centre operators awarded 50 MW of new capacity in Singapore
Jardine C&C selling Singapore, Malaysia dealerships to Indonesia’s Chandra Asri for US$221 million gain
When every phone becomes a satellite phone, what happens to Asia’s telcos?
‘How come you’re so young?’: Gen Z couple takes on Singapore’s established bullion dealers
