Gold price hovers near two-week low as U.S. dollar rallies
(Reuters) - Gold price slipped on Tuesday, around a more than two-week low hit in the previous session, pressured by a stronger U.S. dollar and higher Treasury yields on optimism around a quick economic recovery as vaccinations gain momentum.
(Reuters) - Gold price slipped on Tuesday, around a more than two-week low hit in the previous session, pressured by a stronger U.S. dollar and higher Treasury yields on optimism around a quick economic recovery as vaccinations gain momentum.
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FUNDAMENTALS
* Spot gold fell 0.1% to $1,710.03 per ounce by 0141 GMT. U.S. gold futures declined 0.2% to $1,711.10 per ounce.
* Gold fell to $1,704.90 per ounce on Monday, the lowest level since March 12.
* The dollar climbed to a one-year high against the yen on Tuesday as accelerating vaccinations and massive stimulus in the U.S. stoked inflation concerns.
* Concerns about a potential fallout of a hedge fund`s default on margin calls also elevated the greenback`s safe-haven appeal. Losses at Archegos Capital Management, run by former Tiger Asia manager Bill Hwang, sparked a fire sale of stocks on Monday, including that of some U.S. tech companies.
* Asian shares were set to open higher on Tuesday, as investors shook off earlier worries
* Longer-dated Treasury yields rose as investors banked on vaccine roll-out in the United States and expectations that President Joe Biden`s infrastructure initiative could bolster economic growth and debt issuance.
* The Federal Reserve is
The story has been taken from a news agency
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