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Gold prices fell on Wednesday, heading for losses for the second straight session, as dollar gains and the rally in US Treasury bond yields overshadowed the metal’s attractiveness as a safe haven in the world. amid concerns about the rapid spread of the Corona virus mutant delta.
The spot price of gold fell 0.2% to $ 1,805.81 an ounce at 8:55 a.m. GMT. US gold futures fell 0.3% to $ 1,805.50.
“T-bill yields look a bit stronger and (European) equity markets are a bit better off, which takes the shine off the gold,” said Michael Hewson, chief market analyst at CMC Markets UK.
The US dollar approached its highest levels of the year and bonds continued their rally today as the rapid delta spread, not inflation, became the main concern for investors.
Record US Treasury yields rebounded after hitting their lowest level in more than five months in the previous session.
European stocks rose ahead of the European Central Bank meeting tomorrow, Thursday, which is expected to produce a tone of monetary easing.
In other precious metals, silver rose 1.1% to $ 25.17 an ounce, palladium rose 1.2% to $ 2,665.58 and platinum rose 0.7% to $ 1,073.21 per ounce.
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