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Gold ekes out back-to-back wins as Treasury yields and the dollar edge back
Thursday, 9 August 2018 00:59 WIB | PRECIOUS METALS |GOLDEMAS

Gold prices settled slightly higher Wednesday, notching its second straight finish in positive territory as the U.S. dollar and U.S. government bond yields both retreated, providing support for bullion to climb.

December gold added $2.70, or 0.2%, to end at $1,221 an ounce. Higher rates and the dollar can make owning gold less attractive to investors because richer Treasury yields can undercut the benefit of owning the yellow metal that doesn't bear a yield, and a stronger buck makes the dollar-backed commodity relatively expensive for buyers using other currencies.

The 10-year Treasury note yield stood at 2.96% from 2.97 late Tuesday, while the ICE U.S. Dollar Index slipped less than 0.1% lower to 95.16. The dollar index gauges the buck against a half-dozen rival currencies. Gold hasn't posted back-to-back wins since July 25, according to FactSet data.

Source: Marketwatch

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