Gold Dips On Firm Dollar; U.S. Inflation Data Eyed

Gold Dips On Firm Dollar; U.S. Inflation Data Eyed

12 May 2021 11:15 AM
 

Gold fell today, pulled down by higher U.S. Treasury yields and a slight rebound in the dollar ahead of the U.S. consumer price data due later in the day.

Spot gold was down 0.4% at $1,829.94 per ounce. U.S. gold futures eased 0.3% to $1,830.30.

The dollar index was up 0.3%, making gold less appealing for other currency holders.

Worries of acceleration in inflation pulled down the U.S. dollar to a more than two-month low in the previous session and drove Asian shares to one-month lows earlier today.

Benchmark U.S. 10-year Treasury yields scaled a more than one-week peak, increasing the opportunity cost of holding gold.

Palladium climbed 0.3% to $2,945.02 per ounce. Silver shed 0.9% to $27.38 per ounce, while platinum fell 0.5% to $1,229.02.