Bengaluru — Gold prices recovered slightly due to short-covering on Wednesday, after Tuesday’s slide to the lowest level this year, thanks to surging US bond yields and a stronger dollar. Spot gold rose 0.3% to $1,293.89 an ounce at 3.30am GMT, after shedding 1.7% and marking the lowest this year at $1,288.31 in the previous session. This was also the lowest price level for the yellow metal since December 28. US gold futures for June delivery were up 0.2% at $1,293.30 an ounce. "Rising US bond yields and a stronger dollar were factors behind gold’s decline below the $1,300 level. The slight pick up suggests that there might have been some opportunistic buying on the part of investors," said John Sharma, an economist with National Australia Bank. A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies, while rising US yields tend to weigh on bullion’s non-yielding appeal. The dollar on Wednesday hovered near a five-month high against a group ...
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