Gold prices advance following drop in dollar, yields - GulfToday

Gold prices advance following drop in dollar, yields


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Gulf Today Report 

Gold prices climbed on Thursday as easing US Treasury yields and dollar support the metal’s appeal.

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.

The US 10-year Treasury yield was below 1.6%, affecting the opportunity cost of holding non-yielding bullion.


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Dollar declined by 0.1% against its rival currencies, making gold less expensive for the holders of those currency.

Market participants await a European Central Bank meeting due later today and a US Federal Reserve policy meeting next week.

According to a poll, the US economy will grow at its fastest annual pace in decades this year and outperform most of its major peers, but another COVID-19 surge was the biggest risk over the next three months.

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