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Saturday, June 10, 2023

Gold Down as U.S. Dollar and Treasury Yields Recover

Gold Down as U.S. Dollar and Treasury Yields Recover
© Reuters

By Zhang Mengying

Investing.com – Gold was down on Friday morning in Asia, as the U.S. dollar and U.S. Treasury yields clawed back after a decline during the previous session.

Gold futures were down 0.17% to $1,847.05 by 11:22 PM ET (3:22 AM GMT). The dollar, which normally moves inversely to gold, was up on Friday morning.

Benchmark U.S. 10-year Treasury yields strengthened after a sharp fall on Thursday, denting demand for non-yielding bullion.

The Bank of Japan (BOJ) on Friday decided to keep policy ultraloose despite rising inflation while global central banks are taking tight monetary policies.

The U.S. Federal Reserve delivered on Wednesday its biggest interest rate hike since 1994. The Swiss National Bank also unexpectedly hiked rates by 50 basis points on Thursday, while the Bank of England raised its interest rates to 1.25% on the same day.

In other precious metals, silver was down 0.33%. Platinum fell 0.68%, and palladium gained 0.62%.

Source: Investing.com

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