Prices of Gold Slip Amidst Seven-Year High US Treasury Yields

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The prices of gold slid on Friday to the nearest low level this year, due to the firm U.S. dollar apart from the rising U.S. Treasury yields.

Prices of Gold Slip Amidst Seven-Year High US Treasury Yields

The Spot Gold was down by $2.10 at $1,290.30 per ounce after shrinking to the lowest level since December 2017.

The precious metal headed for its biggest weekly decline starting from early December.

The U.S. gold futures for June delivery was down by 0.13% at $1,287.70 per ounce.

Today's prices of gold in India is Rs 3,052 per gram for 22 karats and Rs 3,265 per gram for 24 karats.

U.S. Treasury yield witnessed a seven-year high today, which led the dollar to surge a near five-month high against other currencies.

The surge in the 10-year U.S. yield has put the dollar in a firm position and has extended pressure on the prices of other metals including gold.

The recent developments in U.S.-China trade negotiations saw a new turn with U.S. President Donald Trump said on Thursday that China had become very spoiled on trade with the United States and cast doubt on the success of his efforts to re-balance the relationship with Beijing as high-stakes U.S.-China negotiations opened in Washington.

The U.S. President had sought to placate North Korea's leader Kim Jong Un after Pyongyang threatened to scrap an unprecedented summit involving the U.S. and North Korea.

In the backdrop of the U.S.-China trade negotiations, the Asian markets finished broadly higher with shares in China leading the region. The Shanghai Composite is up by 1.24% while Japan's Nikkei 225 is up by 0.40% and Hong Kong's Hang Seng is up by 0.34%.

The prices of Silver grew up marginally by 0.06% at $16.46 per ounce.

Platinum witnessed decline in its price by 0.96% and stood at $886.85 per ounce.

Palladium prices decreased slightly by 0.18% and stood at $980.90 per ounce.

Read more about: gold
Story first published: Friday, May 18, 2018, 18:20 [IST]
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