LONDON: Gold eased on Wednesday after registering its biggest jump in two months in the last session, as higher US Treasury yields and a stronger dollar remained a stumbling block for bullion.
Spot gold was down 0.2% at $1,711.21 per ounce by 1207 GMT after rising more than 2% on Tuesday. US gold futures fell 0.5% to $1,709.20.
US yields regained momentum on Wednesday, raising the opportunity cost of holding bullion, while the dollar also gained. “Gold prices are likely to remain under pressure, while concerns about inflation are front of mind for the market,” said CMC Markets UK’s chief market analyst, Michael Hewson, adding a stronger dollar could be a further drag on bullion prices over the next few days. Silver fell 0.9% to $25.67 an ounce. Palladium lost 0.5% to $2,285.92, while platinum was down 0.4% at $1,163.98. More platinum deficits loom this year after a record undersupply of almost a million ounces, the World Platinum Investment Council said.
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