Gold slips as traders turn their attention to equities
Rebound of markets and US Treasury yields cut some of the precious metal’s safe-haven appeal as US-China trade talks and Brexit developments to weigh on prices
Bengaluru — Gold eased on Tuesday, after hitting a one-month high in the previous session, as a slight recovery in share markets and US Treasury yields reduced some of the precious metal’s safe-haven appeal. Spot gold was down 0.2% at $1,319.86/oz as of 4.26 GMT, after touching its highest since February 28 at $1,324.33/oz in the previous session. US gold futures were down 0.2% at $1,319.80/oz. “Though concerns have gone up, we are not 100% sure there is going to be a recession as the yield curve inversion should be there for a whole quarter and not just for a day or two,” said John Sharma, economist at the National Australian Bank. The 10-year US Treasury yield fell below the yield for three-month bills on Friday for the first time since 2007, inverting the yield curve. An inversion is widely seen as an indicator of an economic recession. However, Asian shares bounced back on Tuesday as US 10-year Treasury yields edged higher, but the outlook remained murky as investors weighed the...
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