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Gulf Today Report
Gold prices dropped on Wednesday as US Treasury yields and dollar rise, keeping the metal on track for its biggest quarterly drop in over four years.
Spot gold was down 0.3% to $1,679.41 per ounce by 04:38 GMT, dropping above 3% so far this month while US gold futures were down 0.4% to $1,679.10 per ounce on Wednesday.
Jeffrey Halley, OANDA senior market analyst said, "gold looks vulnerable today and I mostly put it down to the US dollar's strength seen overnight."
The dollar index jumped to its highest in almost five months, gaining momentum for its best month since November 2016.
The US 10-year Treasury yield held close to a 14-month peak hit in the previous session and was on track for a fourth straight monthly gain.
"Logically speaking, the amount of stimulus coming on should drive inflation expectations higher and that should be positive for gold," said Howie Lee, an economist at OCBC Bank.
"But at the same time, they cannot be adequately absorbed by the market and it drives yields higher and also bolsters sentiment, which is negative for gold."
Spot gold was flat at $1,868.29 per ounce by 0627 GMT. But prices are down over 4% for the week pressured by a broadly stronger greenback. US gold futures were down 0.3% to $1,871.
Pakistan’s rupee dropped to an all-time low of 146.5 to the dollar on Thursday, days after Islamabad announced it had reached an agreement with the International Monetary Fund on a fresh bailout for its troubled economy.
Spot gold was up 0.2% at $1,734.00 per ounce by 03:10 GMT while US gold futures were up 0.1% to $1,731.90.
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