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Gulf Today Report
Gold prices dropped on Tuesday as the dollar gained and high US Treasury yields eroded investor appetite for the non-yielding metal.
Spot gold eased 0.3 % to $1,717.99 per ounce by 06:33 GMT while US gold futures slipped 0.4% to $1,716.10.
Michael McCarthy, chief market strategist at CMC Markets said the possibility for higher yields is affecting gold, so is a stronger dollar.
Benchmark US Treasury yields have come down from a one-year high hit last week, but continue to remain elevated, while the dollar index held near a four-week peak.
Although gold serves as a shield against inflation, the current increase in yields has threatened that status.
Spot gold fell 0.6% to $1,885.81 per ounce by 0618 GMT, declining 4.3% so far in the month in what would be its worst monthly performance since November 2016. US gold futures were down 0.5% at $1,893.30.
Spot gold hit its highest since early October 2012 at $1,788.96 in early trade, and by 0958 GMT was at $1,787.31 per ounce, up 0.4%. U.S. gold futures were up 0.3% at $1,805.10 per ounce.
Spot gold was down 0.1% to $1,730.48 per ounce by 03:40 GMT while US gold futures were also down 0.1%, at $1,728.10 per ounce.
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