Gold prices are rising from the lowest level in 9 months

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Gold prices rose Thursday, recovering from the lowest level in nearly 9 months, which was recorded in the last session, but the increasing US Treasury bond yields continued to put pressure on the yellow metal.

Spot gold rose 0.5 percent to $ 1719.21 an ounce, by 07:29 GMT, after falling to its lowest level since June 9 at $ 1701.40 on Wednesday. US gold futures rose 0.1 percent to $ 1717.50 an ounce.

While gold is considered a hedge in the face of inflation, the recent increase in US Treasury yields has threatened that situation, as it increases the opportunity cost of owning the yellow metal that does not generate a return.

The US Senate has postponed debate on a $ 1.9 trillion stimulus package to ease the consequences of Covid-19, until at least Thursday.

As for the other precious metals, silver rose 0.4 percent to $ 26.17 an ounce, palladium rose 0.3 percent to $ 2,361.08, and platinum rose 0.2 percent to $ 1169.68.

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