KONTAN.CO.ID - JAKARTA. Gold fell on Wednesday as an uptick in U.S. Treasury yields weighed on bullion's appeal, while investors awaited speeches by several Federal Reserve officials in the wake of data showing higher inflation. Spot gold fell 0.3% to $1,739.00 per ounce, as of 10:45 a.m. EDT (1445 GMT). U.S. gold futures were down 0.6% at $1,738.00. The uptick in bond yields seem to be "adding some very light pressure to the (gold) market," said David Meger, director of metals trading at High Ridge Futures. But gold's pullback looks more technical in nature with the $1,750 level being both a technical and a psychological level of resistance in the short term, Meger added.
Gold falls as firmer bond yields dull appeal
KONTAN.CO.ID - JAKARTA. Gold fell on Wednesday as an uptick in U.S. Treasury yields weighed on bullion's appeal, while investors awaited speeches by several Federal Reserve officials in the wake of data showing higher inflation. Spot gold fell 0.3% to $1,739.00 per ounce, as of 10:45 a.m. EDT (1445 GMT). U.S. gold futures were down 0.6% at $1,738.00. The uptick in bond yields seem to be "adding some very light pressure to the (gold) market," said David Meger, director of metals trading at High Ridge Futures. But gold's pullback looks more technical in nature with the $1,750 level being both a technical and a psychological level of resistance in the short term, Meger added.