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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 down 0.3% at $1,734.31 per ounce by 03:45 GMT while US gold futures were also down 0.3% at $1,733.70 per ounce.
Spot gold was steady at $1,711.61 per ounce by 02:57 GMT while US gold futures dipped 0.3% to $1,710.20.
Spot gold rose 0.4% to $1,707.81 per ounce by 05:23 GMT while US gold futures climbed 0.4% to $1,704.90.
Spot gold was up 1% at $1,750.24 per ounce by 05:44 GMT, after rising as much as 1.1% earlier in the session while US gold futures rose 1.1% to $1,748.50.
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