Gold Drops Below $1190 as Bond Yields Jump

Gold remained under pressure on Thursday as higher bond yields dented the investment appeal of the metal, while uncertainty over the timing of a Federal Reserve rate hike also weighed.

Spot gold was little changed at $1,190.31 an ounce by 0050 GMT, after losing 0.1 percent in the previous session and still firmly below the key $1,200 level.

Bond yields in Europe and the U.S. have been rising as deflation fears have eased with recovering oil prices, and in anticipation of a Fed interest rate rise later this year.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.