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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.
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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 was steady at $1,772.14 per ounce by 0703 GMT, just $6.92 shy of a near eight-year high of $1,779.06 hit last week. U.S. gold futures rose 0.3% to $1,787.30. Bullion, with quarterly gains of more than 12%.
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 rose 0.2% to $1,945.56 per ounce by 0918 GMT. US Gold futures rose 0.3% to $1,954.20 per ounce.
Spot gold fell 0.3% to $1,853.85 per ounce by 928 GMT. US gold futures were down 0.5% at $1,856.40.
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Brent crude futures fell 20 cents, or 0.3%, to $65.12 a barrel by 05:27 GMT while US West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.3%, at $61.14 a barrel, after losing $1.32 on Wednesday.
Spot gold was up 0.1% at $1,794.67 per ounce by 01:15 GMT while US gold futures rose 0.1% to $1,795.40 per ounce.
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