Gold prices edged down on Wednesday, as surging US Treasury yields and a strengthening dollar overshadowed optimism regarding a potential peace agreement between the United States and Iran.
اضافة اعلان
Spot gold fell 0.3% to $4,467.59 per ounce by 02:33 GMT. In the previous session, the precious metal had hit its lowest level since March 30.
US gold futures for June delivery dropped 0.9% to $4,471.10.
"Gold is losing some momentum given the rise in yields, and a dollar that is seeing a resurgence thanks to a hawkish shift in interest rate expectations," said Tim Waterer, Chief Market Analyst at KCM Trade.
The dollar hovered near a six-week high, making the greenback-priced metal more expensive for holders of other currencies.
Benchmark 10-year US Treasury yields stabilized at their highest level in more than a year, increasing the opportunity cost of holding non-yielding gold.
Signals from the US regarding Iran remained mixed; US President Donald Trump warned that Washington might be forced to strike Tehran, while Vice President JD Vance stated that both sides are making progress and do not wish to return to conflict.
Meanwhile, economists anticipated that the Federal Reserve would refrain from cutting interest rates this year.
Investors are now awaiting the minutes of the Federal Reserve's April monetary policy meeting, scheduled for release later on Wednesday, to assess the central bank's policy outlook.
Among other precious metals, spot silver fell 0.8% to $73.22 per ounce, and platinum slid 0.5% to $1,912.67, while palladium ticked up 0.2% to $1,356.32.
Reuters
