Gold is 0.1% higher this morning, as it is trading along yesterday’s daily close. What about the other precious metals?
Gold pared some losses after dipping more than 1% earlier on Wednesday, helped by dovish comments from Federal Reserve Chair Jerome Powell, but bullion struggled for traction as elevated U.S. Treasury yields dampened its allure as an inflation hedge. U.S. benchmark 10-year Treasury yields touched 1.4% for first time since February 2020. Rising yields tend to hurt bullion's appeal as an inflation hedge since they increase the opportunity cost of holding the metal.