© Archyde.com. Gold bars in a photo from the Archyde.com archive.
(Archyde.com) – It fell on Thursday following rising US bond yields weighed on buying the precious metal ahead of US inflation data that might boost chances of the Federal Reserve’s tightening of monetary policy.
And the price fell 0.6 percent to $ 1842.77 an ounce by 1438 GMT, while US gold futures fell 0.7 percent to $ 1843.90.
Ten-year yields rose, reducing the attractiveness of the non-yielding yellow metal, and the dollar increased, reducing the attractiveness of gold to holders of other currencies.
Investors are also awaiting monthly US consumer price data on Friday.
A Archyde.com poll showed that the main US consumer price index is expected to have risen 5.9 percent on an annual basis following rising 6.2 percent in April on an annual basis.
The expected inflation data should give an indication of whether the Federal Reserve will stick to its tight monetary policy in the second half of the year.
As for other precious metals, spot transactions fell 1.8 percent to $21.63 an ounce, while platinum fell 2.7 percent to $978.37.
And it fell 0.9 percent to 1925.72 dollars.
(Prepared by Lubna Sabry for the Arab Bulletin – Edited by Mustafa Saleh)