Gold prices steady on dollar retreat; Spot gold reaches $1,825.66 per ounce
Spot gold held its ground at $1,825.66 per ounce, as of 0046 GMT. US gold futures gained 0.6% to $1,825.00.
- May 17, 2022,
- Updated May 17, 2022 7:51 AM IST
Gold prices were steady on Tuesday 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.
FUNDAMENTALS
* Spot gold held its ground at $1,825.66 per ounce, as of 0046 GMT. US gold futures gained 0.6% to $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 $21.59 per ounce, and platinum edged up 0.1% to $946.85, while palladium fell 0.4% to $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.
Gold prices were steady on Tuesday 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.
FUNDAMENTALS
* Spot gold held its ground at $1,825.66 per ounce, as of 0046 GMT. US gold futures gained 0.6% to $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 $21.59 per ounce, and platinum edged up 0.1% to $946.85, while palladium fell 0.4% to $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.