Gold Steady as Traders Weigh Dollar Retreat, Rising Bond Yields
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(Bloomberg) -- Gold is holding near an 11-month low as investors weigh the US dollar’s retreat against rising Treasury yields amid improving sentiment in markets.
Bullion has been stuck in a narrow trading range, closing little changed since Friday, as a gauge of the greenback fell for three straight days in a sign of waning haven demand. A decline in Treasuries took the 10-year yield back above 3%.
Traders are awaiting more clarity on central bank action to tackle searing inflation. The European Central Bank may consider raising interest rates on Thursday by double the quarter-point it outlined just last month, according to people familiar with the situation. The Federal Reserve’s meeting on July 26-27 will also be closely watched.
Spot gold slipped 0.1% to $1,709.95 an ounce at 7:55 a.m. in Singapore. Prices dipped below $1,700 last week for the first time since August. The Bloomberg Dollar Spot Index was little changed after dropping 0.5% in the previous session. Silver, palladium and platinum were steady.
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