Gold falls as the dollar and bond yields rise, supported by strong US data | latest news

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Gold prices retreated on Wednesday from their highest level in nearly five months recorded in the previous session, as the dollar and US Treasury yields rose on the back of strong manufacturing data.

And gold fell in spot transactions 0.2% to $ 1896 an ounce during the session, after hitting its highest level since the eighth of January, at $ 1916, on Tuesday.

US gold futures fell 0.3% to $1,899.

Commerzbank analyst Daniel Pressman said the dollar’s rally is putting pressure on gold and “we will probably see some profit-taking”.

“Many market players have opened long positions in gold in the past few weeks, as evidenced by CFTC statistics. But it now appears that at least some of these positions have closed again, keeping gold under pressure.”

The dollar index rose on the back of data that showed a recovery last month in US manufacturing activity.

Ten-year US Treasury yields maintained their gains, increasing the opportunity cost of holding non-yielding gold.

As for other precious metals, palladium fell 0.8% to $ 2838 an ounce, silver fell 0.8% to more than $ 27, and platinum fell 0.8% to 1182





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