Gold prices drop following gains in US yields and dollars
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Gulf Today Report
Gold declined on Wednesday as US Treasury yields and dollar gain, creating a stumbling block for bullion.
Spot gold eased 0.1% to $1,714.23 per ounce by 10:15 GMT while US gold futures fell 0.3% to $1,711.70.
Michael Hewson, CMC Markets UK’s chief market analyst said "gold prices are likely to remain under pressure, while concerns about inflation are front of mind for the market."
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He added that gains in dollars in the coming days are likely to drag bullion prices.
Although gold is seen as a shield against inflation, increase in yields has affected the status this year.
