PRECIOUS-Gold eases off seven-week high as U.S. bond yields rise

  • 4/20/2021
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April 20 (Reuters) - Gold prices edged lower on Tuesday, moving away from a seven-week high hit in the last session, as a rebound in U.S. Treasury yields overshadowed support from a sagging dollar. FUNDAMENTALS * Spot gold was down 0.1% to $1,768.06 per ounce by 0053 GMT, after hitting its highest since Feb. 25 at $1,789.77 on Monday. * U.S. gold futures were steady at $1,770.70 per ounce. * Benchmark U.S. 10-year Treasury yield rose above 1.6% after hitting a five-week low last week, increasing the opportunity cost of holding non-yielding bullion. * Offering some respite to bullion, the dollar index fell to a more than six-week low against its rivals, making gold less expensive for holders of other currencies. * U.S. President Joe Biden met on Monday with a bipartisan group of lawmakers who have all served as governors or mayors, as the White House seeks a deal on his more than $2 trillion jobs and infrastructure proposal. * Some investors view gold as a hedge against higher inflation that could follow stimulus measures, but higher Treasury yields dull some of the appeal of the non-yielding commodity. * More than 141.67 million people have been reported to be infected by the novel coronavirus globally and 3,163,124​ have died, according to a Reuters tally. * Meanwhile, SPDR Gold Trust , the world"s largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 1,021.70 tonnes on Monday from 1,019.66 tonnes on Friday. * Among other precious metals, silver eased 0.1% to $25.78 per ounce. Palladium fell 0.3% to $2,804.09. Platinum slipped 0.2% to $1,203.57. DATA/EVENTS (GMT) 0600 UK ILO Unemployment Rate Feb (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)

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