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Gold Price Today: Gold prices ease as dollar strength dulls appeal

by WOOWinvest
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Gold Price Today: Gold prices ease as dollar strength dulls appeal

Gold prices edged lower on Monday as a stronger dollar hurt demand for dollar-denominated gold and offset support from weaker U.S. Treasury yields.

Fundamentals* Spot gold was down 0.2% at $1,807.19 an ounce by 0101 GMT, after hitting a five-month low of $1,783.50 on Friday. U.S. gold futures were down 0.5% at $1,809.50.

* The dollar hovered near its most recent two-decade high, continuing to reduce gold’s appeal to buyers holding other currencies after it played a major role in its worst quarterly performance in more than a year.

* The yield on the benchmark U.S. 10-year Treasury note fell to its lowest level in a month on Friday, boosting the price of non-yielding gold.

* Asian shares opened cautiously on Monday as a slew of weak U.S. data suggested downside risks to this week’s June nonfarm payrolls report, while clamor over a possible recession continued to fuel a easing rally in government bonds.

* The Indian government said on Friday it had raised basic import duties on gold to 12.5 percent from 7.5 percent, as the world’s second-biggest consumer of the precious metal sought to dampen demand and reduce its trade deficit.

* India’s physical gold traders offered deep discounts last week as demand remained weak, with an import tax hike likely to further dampen interest, while major consumer China saw a slow rebound in activity after emerging from COVID-led restrictions.

* The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said on Friday its holdings fell 0.8% to 1,041.9 tonnes from 1,050.31 tonnes on Thursday.

* U.S. federal government offices, stock and bond markets and the Federal Reserve will be closed on Monday for the Independence Day holiday.

* Spot silver was down 0.2% at $19.82 an ounce, platinum was down 0.5% at $884.39 and palladium was down 0.6% at $1,948.50.

Data/Event (GMT) 0130 Australian Building Approvals May

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