Gold prices hover near 5-month low

Gold prices held around five-month lows on Monday, pressured by higher bond yields as markets geared up for the Federal Reserve's Jackson Hole symposium for clues on where interest rates might settle, reports Reuters.
Spot gold was largely flat at $1,888.60 per ounce by 1125 GMT, while US gold futures added 0.1 per cent to $1,918.10.
"The market remains concerned about the outlook for rates in the U.S. and most clearly, the recent spike that we've seen in the bond yields to a cycle high," said Ole Hansen, Saxo Bank's head of commodity strategy.
"The cost of holding a gold position right now is simply too high for longer-term investors to get involved."
Gold grazed its lowest since mid-March at $1,883.70 last week, as buoyant economic data raised bets for higher-for-longer U.S. interest rates, reducing demand for the non-yielding commodity.
Silver climbed 0.8 per cent to $22.89 per ounce.
A recovery in the copper market based on hopes of additional stimulus in China has added some support to silver, Hansen said.
Platinum fell 0.6 per cent to $904.35, while palladium shed 0.2 per cent to $1,252.85.