Gold prices in the international market retreated after the US treasury yield got a boost on strong reading for US inflation as well as faster economic rebound, which weighed on the safe haven appeal of the yellow-metal gold.
Spot gold went lower by 0.2 percent to $1740.57 per ounce. And US gold futures remained steady at $1743.7 per ounce. On Friday, US treasury yield inched higher after more than expected producer price data for March month provided for rising inflaiton
On April 12, 2020, gold prices of 24K quoted at Rs.45710 per 10 gm.
Higher yield on the treasury, increases the opportunity cost of holding the bullion, which pays no return or interest rate. In the US producer prices data increased to nine and a half year high signaling inflation is picking up.