Gold slips away from five-week high
Bullion’s dip is a correction from Monday’s highs, and prices are expected to correct a little more
Bengluru — Gold prices dipped on Wednesday, retreating from a more than five-week top hit in the previous session, as the dollar crawled higher. Spot gold was down 0.3% at $1,234.71 an ounce as of 4.22am GMT, after hitting its highest since October 26 at $1,241.86 an ounce in the previous session. US gold futures were down 0.5% at $1,240.2 an ounce. “Gold is mainly tracking the US dollar,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore. “Today’s move in gold prices is a correction because yesterday prices were up quite a bit.” The dollar index, which measures the greenback against a basket of six major currencies, edged up about 0.1%, even though the US currency was under pressure as declining Treasury yields raised concerns over economic growth. The benchmark 10-year Treasury yield fell to its lowest point since mid-September. The spread between the 10-year yield over its two-year counterpart also shrank to the smallest since the start of the financial ...
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