Gold holds near five-week lows
Stronger dollar takes the shine off bullion, which has enjoyed support from higher US treasury yields as data eases the fear of a potentially rapid loss in economic momentum
Bengaluru — Gold steadied on Tuesday, but was hovering near a five-week low touched in the previous session, as rising US treasury yields boosted the dollar. Spot gold crept up 0.2% to $1,288.87/oz as of 3.36am GMT, after slipping to $1,282.50 in the previous session, its lowest since January 25. US gold futures were also up 0.2% at $1,290.20/oz. The dollar, against a group of six major currencies, was trading close to its two-week high of 96.816 posted in the previous session. The US currency has enjoyed some support from higher US treasury yields as data, including fourth-quarter GDP, eased fears of a potentially rapid loss in economic momentum. “People are more comfortable in moving out of safe-haven assets and gold is coming under pressure from that,” said Jeffrey Halley, Senior Market Analyst at Oanda. “A lot of money was parked in gold at the start of the year, waiting for clarity on tariffs. Now that we are seeing little bit of optimism on the tariffs that is sort of undermin...
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