In global markets, gold came off five-month highs as higher US bond yields weighed on precious metal. Strong US economic data also took away some shine off gold. Spot gold was down 0.1% at $1,898.58 per ounce, after hitting a near 5-month high of $1,916.40 on Tuesday. The dollar also strengthened against other currencies.
Data showed that U.S. manufacturing activity picked up in May. Overnight, the US 10-year Treasury yield rose to a more than one-week high overnight. Higher yields increase the opportunity cost of holding non-interest bearing gold.
Among other precious metals, silver edged 0.1% lower to $27.88, and platinum was steady at $1,191.
Meanwhile, SPDR Gold
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