Gold edges lower pulled by firm US bond yields

A gold necklace and earrings displayed inside a Titan Co Tanishq jewellery store during the festival of Dhanteras in Mumbai, India. Picture: BLOOMBERG/DHIRAJ SINGHGold prices edged lower on Tuesday, weighed down by firmer US treasury yields and bets the Federal Reserve could tighten policy more aggressively ahead of inflation data later this week.

Benchmark US 10-year Treasury yields extended its overnight gains, rising to 1.45% on Tuesday. Higher yields increase gold’s opportunity cost. “Real yields are still negative and so investors could look to diversify from bonds into some other store of value, which could support gold,” Rodda said, cautioning that this would ultimately depend on how hawkish the Fed is next week and how the Omicron variant affects inflation expectations.

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