Gold prices fall, hits 5-week low as dollar influences more than interest rates

Gold prices fall, hits 5-week low as dollar influences more than interest rates

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LONDON: On Thursday gold prices hovered near 5-week lows as higher US bond yields and a stronger dollar reduced interest in bullion.

Worries about the growing supply of US government debt and inflationary pressures from rising oil prices this week upsurges US 10-year bond yields above 3% for the first time in 4 years.

Spot gold was down 0.2% at $1,320.21 an ounce by 1509 GMT. On Wednesday, gold touched its lowest since March 21 at $1,318.51. US gold futures were 0.1% lower at $1,321.70.

In other precious metals, platinum was up 0.3% at $906.30 and palladium slipped 0.3pc to $973.97. Analysts and traders polled by Reuters expected average prices of both metals to be higher this year and next.

 

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