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Gold on a highway down for the fifth session in a row

Category: Economy

Date: 2021-02-17T09:50:57+0000
Gold on a highway down for the fifth session in a row

Shafaq News/ Gold prices extended losses for a fifth straight session on Wednesday, slipping to near two-week lows as soaring U.S. Treasury yields and a firmer dollar dented bullion's appeal.

Spot gold fell 0.1% to $1,793.37 per ounce. U.S. gold futures fell 0.6% to $1,788.40.

 Benchmark U.S. Treasury yields jumped to their highest since late-February 2020, while the dollar index rebounded from a three-week low. 

Investors are also looking forward to the minutes of the Federal Reserve's end-January monetary policy meeting due today, Wednesday.

 Platinum, used in catalytic converters for vehicles, slipped 0.6% to $1,254.37, trading below Tuesday's high of $1,336.50, a peak since September 2014. 

Palladium was down 0.1% to $2,381.14, while silver was down 0.3% to $27.29

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