In global markets, gold rates were flat, giving up early gains. Spot gold was up 0.1% at $1,778.19 after rising as much as 0.6% early in the session. Weakening US bond yields supported gold but gains were capped by a stronger dollar.
The US dollar today rebounded from a seven-week low hit overnight, making gold expensive for holders of other currencies. On the other hand, benchmark 10-year U.S. Treasury yields dropped below 1.6%, reducing the opportunity cost of holding non-yielding bullion.
Among other precious metals, silver was up 0.1% at $25.89 per ounce. Palladium gained 0.4% to $2,778.93, while platinum was flat at $1,187.
US stock futures were mixed today after a sharp fall on Wall Street overnight. Recent optimism about rising vaccination rates in the United States, Britain and the European Union is shifting to concern that record coronavirus infections in many countries.
“The US Federal Reserve has continued to play down inflation concerns and maintained the need for lower interest rate amid persisting risks from the pandemic. Gold
“ETF inflows also showed some buying interest in gold however the pace was marginal. Gold
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.