Gold slips amid elevated US Treasury yields

LONDON, July 2 (Reuters): Gold prices fell on Tuesday under pressure from elevated US Treasury yields and a stronger dollar while investors awaited comments from Federal Reserve Chair Jerome Powell and more data for further clues about the interest rate path.
Spot gold was down 0.2 per cent at $2,327.90 per ounce by 1257 GMT.
The benchmark 10-year Treasury yield hit a one-month high on Monday and stayed elevated on Tuesday, making non-yielding bullion less attractive, amid bets on the possibility of a second Donald Trump presidency.
"Markets are waiting for the nonfarm payrolls report at the end of the week," said StoneX analyst Rhona O'Connell. "Trump Supreme Court verdict may be supportive (for gold) for geopolitical reasons. Dollar and bond yields are already reflecting that postulation."
Gold is down 5 per cent from a record high of $2,449.89 per ounce it touched on May 20, a rally caused by safe-haven demand driven by geopolitical and economic uncertainty as well as persistent central bank buying, a crucial category of demand.
Spot silver edged up 0.4 per cent to $29.55.
Platinum added 1.7 per cent to $993.97 and palladium rose 2.4 per cent to $994.50 with the focus on improved prospects for hybrid car sales vs slower growth of palladium-free electric vehicles market.