LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Gold flat but under pressure as U.S. Treasury yields rise

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Jan 19, 2018
12:50 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Gold was flat in a narrow range on Thursday, first dipping as the dollar rose and then rising as the dollar moved lower, but bullion`s gains were limited by higher U.S. Treasury yields.

Financial market players were concerned about a possible U.S. government shutdown, but this did not move gold very much.

Spot gold was unchanged at $1,327.61 an ounce by 1:49 p.m. EST (1849 GMT). Earlier in the session, it touched its lowest since Jan. 12 at $1,323.70.

U.S. gold futures for February delivery settled down $12, or 0.9 percent, at $1,327.20 per ounce.

In the previous session, spot gold fell 0.8 percent, its biggest daily percentage decline since Dec. 7 as the U.S. dollar bounced from three-year lows.

"We’ve seen the relationship between dollar and gold hold pretty steady," said Chris Gaffney president of world markets at St. Louis-based EverBank.

In early trade, the U.S. dollar index <.dxy> fell on worries over a possible U.S. government shutdown as global investors sought to diversify their holdings into other currencies. Shortly after, the greenback recovered some of the losses.

The 10-year U.S. Treasury yield hit its highest since March 2017 at 2.61 percent in European trade, pushing euro zone counterparts higher. Gold is a non-yielding asset so rising yields on the bond market pressure its price.

"I think you`ll also see yields rising with interest rates," pressuring gold, added Mike O’Donnell, market strategist RJO Futures in Chicago.

Spot gold is expected to fall to $1,311 per ounce, as it has broken a support at $1,329, according to Reuters technical analyst Wang Tao.

Some analysts said gold could draw some support from the current correction in digital currencies.

"Brokers in Europe report investors have increasingly been asking about switching from cryptocurrencies into gold," ANZ analysts said in a research note.

Bitcoin fell as much as 20 percent on Wednesday, dropping below $10,000 due to investor fears that regulators could clamp down.

In other precious metals, silver gained 0.3 percent at $16.96 per ounce and palladium shed 1.2 percent at $1,101.99.

Platinum added 0.57 percent at $1,002.40 per ounce, after touching its highest since Sept. 8 at $1,007.60 in the previous session.

Over the past 15 years, platinum has largely moved higher in January and February due to seasonally weaker supply from top producer South Africa, Menke said.

"This seasonal rebound is playing out. And there is also some more room from short covering from the futures market."

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Yes Bank Share Price Today: Make money from this stock - check how

Easy Trip Planners IPO date: Axis Capital highlights - face value, price band and much more

WhatsApp feature: Check account balance, fixed deposit (FD), credit card payment details via 1 message

WhatsApp self-destructing images: Here's all you need to know about this 'testing' feature

PayPal plans to hire over 1K engineers in India

LIC Policy: Big opportunity - check rebate in late fee charges, terms and conditions, deadline to revive lapsed life insurance policy

In chat with Anil Singhvi, KEC International MD and CEO Vimal Kejriwal speaks on company's outlook, debt and more

ICSE CBSE Board Exam 2021: Top 5 exam tips for ICSE CBSE board exam students

Delhi MCD Election 2021 Results LIVE Updates: AAP leading in four wards, Congress in one

MCD by election 2021: FINAL RESULT of Delhi municipal bypolls! Full list of Kalyanpuri, Rohin-C, Trilokpuri, Shalimar Bagh North wards, seats - AAP vs BJP vs Congress

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved