KONTAN.CO.ID - JAKARTA. Gold prices fell on Wednesday for a sixth session in seven, as expectations that U.S. Treasury yields would move higher on further economic stimulus kept non-yielding bullion under pressure. Spot gold eased 0.2% to $1,734.26 per ounce by 0320 GMT, having dropped to its lowest since June 15 at $1,706.70 on Tuesday. U.S. gold futures dipped 0.1% to $1,732. "There's a clear trend for gold to the downside, and as long as fiscal stimulus keeps getting pumped into the U.S. economy and the Federal Reserve remains reticent about doing something to quash yields, gold prices will struggle," said IG Market analyst Kyle Rodda.
Firm U.S. yields keep gold under pressure
KONTAN.CO.ID - JAKARTA. Gold prices fell on Wednesday for a sixth session in seven, as expectations that U.S. Treasury yields would move higher on further economic stimulus kept non-yielding bullion under pressure. Spot gold eased 0.2% to $1,734.26 per ounce by 0320 GMT, having dropped to its lowest since June 15 at $1,706.70 on Tuesday. U.S. gold futures dipped 0.1% to $1,732. "There's a clear trend for gold to the downside, and as long as fiscal stimulus keeps getting pumped into the U.S. economy and the Federal Reserve remains reticent about doing something to quash yields, gold prices will struggle," said IG Market analyst Kyle Rodda.