LONDON, May 20 (Reuters): Gold prices edged up on Wednesday, as hopes for a resolution to the Iran conflict pressured oil markets, relieving some inflation fears and knocking US Treasury yields from their recent highs.
Spot gold gained 0.4 per cent to $4,499.72 per ounce by 9:10 a.m. ET (1310 GMT). Prices hit their lowest in more than seven weeks earlier in the session.
US gold futures for June delivery were 0.2 per cent lower at $4,502.10.
"We've seen a reprieve from the continued increase in yields. So as a result, we've seen gold prices bounce off the recent lows," said David Meger, director of metals trading at High Ridge Futures.
The yield on the benchmark 10-year US Treasury note ticked lower, after touching its highest level since January 2025 on Tuesday.
Higher Treasury yields increase the opportunity cost of holding non-yielding bullion. "Any type of resolution to the war or opening of the Strait of Hormuz would be a positive for the gold market in so much as the expectation would be that interest rates would decline, and hence that would be opportunistic or helpful to the gold market," Meger added.
Gold prices edge higher----
FE Team | Published: May 20, 2026 22:31:50
Gold prices edge higher----
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