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Reuters
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The price of gold fell to its lowest level in nearly 9 months on Friday and is heading lower for the third week in a row, on the back of the rising dollar and bond yields.
And gold fell in immediate trades 0.3% to $ 1,692.13 an ounce at 5.15am GMT after falling to its lowest level since June 8 at $ 1,686.40. Since the start of the week, gold has fallen 2.3%.
While US gold futures fell 0.6% to $ 1,690.40 an ounce.
On Thursday, US Federal Reserve Chairman Jerome Powell reiterated his pledge to keep credit flexible and said that while the increase in yields was “noticeable”, he did not think the Fed should step in for the reduce.
US 10-year yields held above 1.5% as the dollar hit its highest level in three months. Higher yields increase the opportunity cost of holding the non-yielding yellow metal.
Source: Reuters
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