Gold rose on Wednesday supported by a pullback in the dollar and US Treasury yields, while investors prepared for US inflation data that could determine how aggressively the Federal Reserve will hike interest rates, reports Reuters.
Spot gold rose 0.7 per cent to $1,851.26 per ounce by 1144 GMT, rebounding from its lowest since Feb. 11 touched earlier in the session. US gold futures gained 0.6 per cent to $1,851.50.
The dollar dipped 0.3 per cent, but was not far from a two-decade high touched on Monday, while the benchmark US 10-year Treasury yields retreated from recent highs.
"Spot gold is seeing some reprieve as the US dollar moderates and 10-year Treasury yields dip back below 3 per cent ahead of today's keenly-watched US inflation data," said Han Tan, chief market analyst at Exinity.
Spot silver gained 2.3 per cent to $21.72 per ounce, platinum climbed 2.8 per cent to $990.59, while palladium eased 0.7 per cent to $2,051.52.
Gold gains as dollar dips -
FE Team | Published: May 11, 2022 22:57:03
Gold gains as dollar dips -
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