Gold held near $4,030 an ounce in early Asian trade, supported by rising oil prices that offset pressure from higher bond yields.
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Gold holds near $4,030 as oil rally offsets higher bond yields
Gold held near $4,030 an ounce in early Asian trade, supported by rising oil prices that offset pressure from higher bond yields.
"Broadly higher yields increase the opportunity cost of holding non-interest-bearing assets like gold," Swissquote said in a note.
Gold was quoted at $4,030.80 an ounce early Tuesday, up from $4,015.30 at Monday's close, according to market data. The US 10-year bond yield rose 0.04 percent to 4.571 percent, while Brent crude jumped to $84.15 a barrel from $79.42 as the US launched a third consecutive night of strikes against Iran and reimposed a naval blockade on Iranian ports. The US Dollar Index edged down 0.02 percent to 101.94. In India, MCX gold futures for August settlement fell 0.94 percent to 142,133 rupees.
The competing forces of inflation hedging from higher oil and the drag from elevated yields have kept gold range-bound. The next catalyst is Tuesday's US consumer price index report, which Federal Reserve Governor Christopher Waller said would be key for determining whether the central bank needs to tighten policy. "If we get another hot reading on core inflation this week, then the Fed will need to consider tightening monetary policy in the near term," Waller said during a speech in Rome. Gold at $4,030.80 is about 0.4 percent above Monday's close and roughly 10 percent below the all-time high set earlier this year.
This article is for informational purposes only and does not constitute investment advice.
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