Bengaluru — Gold prices fell on Friday and were on track for a weekly loss, as a firmer dollar and rising US Treasury yields dampened the metal’s safe-haven appeal.
“When you get the combination of yields going up and a slightly stronger dollar, it’s not a great environment for gold, especially going into the weekend,” said Stephen Innes, managing partner at SPI Asset Management.Benchmark US 10-year Treasury yields were trading above the key 1.6% level and were on track for a strong weekly rise. Higher bond yields raise the opportunity cost of holding non-interest bearing gold.
“Right now we haven’t had any inclination that the US Federal Reserve is about to move any time soon, I think gold still remains relatively supported,” Innes said.
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