Gold subdued as dollar, yields firm

Gold edged lower on Thursday as the dollar and Treasury yields held firm ahead of a slew of US economic data due later in the day, which could offer more clarity on the timing of the Federal Reserve's first interest rate cut this year, reports Reuters.
Spot gold fell 0.3 per cent to $2,166.80 per ounce as of 1147 GMT. Bullion had hit a record peak of $2,194.99 on March 8. US gold futures also dipped 0.4 per cent to $2,172.30.
The dollar held steady against its rivals, making gold less attractive for other currency holders, while benchmark US 10-year notes yields rose to a more than one-week high.
"Market participants still believe that a mid-year US rate cut is possible, keeping gold supported. Guess the next driver is the upcoming FOMC meeting and any change in the dot plots," said UBS analyst Giovanni Staunovo.
The Fed is expected to hold rates steady at its policy meeting next week, but the focus will be on the "dot plot" projections. The US central bank in its December meeting pencilled three-quarter-point rate cuts for 2024.
Spot platinum fell 0.1 per cent to $937.45 per ounce, palladium rose 1.1 per cent to $1,070.99.
Silver slipped 0.2 per cent to $25.00, after hitting a more than three-month high earlier in the session.