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Business

REUTERS
May 17, 2018

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Gold up

Gold up

Bengaluru : Gold prices recovered slightly early on Wednesday, after sliding to the lowest level this year in the previous session on surging U.S. bond yields and a stronger dollar.

Spot gold rose 0.2 percent to $1,292.73 per ounce at 0048 GMT, after shedding 1.7 percent and marking the lowest this year at $1,288.31 in the previous session.

This was also the lowest price level for the yellow metal since Dec. 28. U.S. gold futures for June delivery were up 0.1 percent at $1,292.10 per ounce. The dollar hovered near a five-month high against a group of major currencies on Wednesday, as a surge in the benchmark 10-year Treasury yield above 3 percent reignited a rally that had lost steam last week. The yield on the benchmark U.S. 10-year Treasury note hit its highest in about seven years on Tuesday on the heels of a report that indicated a pick-up in consumer spending, lifting the dollar to its strongest level this year.

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