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Gold retreats from a five-month peak

Category: Economy

Date: 2021-06-02T10:07:05+0000
Gold retreats from a five-month peak
Shafaq News/ Gold slipped below a near five-month price peak hit earlier in Tuesday's session, as robust U.S. manufacturing data and higher Treasury yields dented its appeal.

U.S. Gold futures was 0.32% lower at $1,898.95 per ounce at 0840 GMT, retreating back to sub $1900 levels again. 

The U.S. 10-year Treasury yield rose to a more than one-week high overnight, increasing the opportunity cost of holding non-interest bearing gold.

Risk sentiment in wider finical markets remained upbeat as investors weighed the latest U.S. economic data for signs of a rebound and higher inflation reading. 

Palladium fell 0.1% to $2,856.82 per ounce, silver edged 0.1% lower to $27.88, and platinum was steady at $1,191.51.

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