Yahoo Finance Gold Prices Slide as Dollar Rises On Higher U.S. Yields
Investing.com – Gold prices were trading lower on Friday as the U.S. dollar rose amidst higher 10-year U.S. treasury yields.
Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was down $3.3, or 0.24%, to $1,345.60 a troy ounce by 12:00AM ET (04:00 GMT).
Meanwhile, the dollar climbed against other major currencies. The U.S. dollar index that tracks the greenback against a basket of six major currencies rose 0.07% to 89.70.
The dollar got a lift from the higher 10-year U.S. Treasury yields that climbed to 2.9%.
Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.
As geopolitical tensions eased, prices of safe-haven assets such as gold slipped. U.S. President Donald Trump said he hoped the summit with North Korea would be successful, and he made no new fresh demands on trade at his meeting with Japanese Prime Minister Shinzo Abe earlier this week.
In other precious metal trade, silver futures fell 0.28% to $17.190 a troy ounce, and platinum futures slipped 0.1% to $939.00 an ounce.
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