Investing.com – Gold prices were largely unchanged Wednesday as investors grappled with rising U.S. interest rates, although the metal drew some support from the dollar coming off a seven-week high.
Comex were down 20 cents at $1,191.30 a troy ounce by 10:28AM ET.
Meanwhile, was trading at $1,188.35 per ounce, down $1.50, or 0.1%.
Yields on the benchmark note rose to around 3.23% after reaching a seven-year top of 3.261% a day earlier.
Treasury yields have surged recently following a batch of upbeat economic data that bolstered the case for the Federal Reserve to raise rates in December and beyond.
Expectations for rising interest rates look likely to remain a headwind for gold prices. Interest rate increases and higher U.S. bond yields dampen appeal for gold, which offers no yield.
Meanwhile, the , which measures the greenback’s strength against a basket of six major currencies, was down 0.2% at 95.17, pulling back from a seven-week high of 95.84 reached in the previous session.
Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
In other metals action, were 8.5 cents, or 0.6%, lower at $14.31 a troy ounce.
was down 0.4% at $825.60, while gained 0.3% to $1,065.10.
December shed 2.3 cents, or 0.8%, to $2.785 a pound.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source: Investing.com
