2024-04-16 17:00:12
Gold prices fell 0.3% to $2,375.50 per ounce, today, Tuesday, in light of the rise in US Treasury bond yields and investors taking profits, following a wave of rise that saw prices reach their peak last week.
Sharjah 24 – Reuters:
Gold prices fell today, Tuesday, in light of the rise in US Treasury bond yields and investors taking profits, following a wave of rise that saw prices reach their peak last week.
By 12:44 GMT, gold in instant transactions fell 0.3% to $2,375.50 per ounce, following touching the highest level ever of $2,431.29 last Friday.
The yield on ten-year Treasury bonds recorded 4.63%, following rising to the highest level in five months at 4.66%, on Monday, following data showed that US retail sales increased more than expected last March.
This prompted the market to increase bets on a decline in the number of expected US interest rate cuts in 2024.
Gold prices have risen 15% so far this year.
Analysts at Citi expected that gold would exceed the level of $2,500 in the second half of 2024, and reach $3,000 per ounce, within the next six to 18 months.
As for other precious metals, silver fell to $26.32 per ounce, platinum fell 0.2% to $967.15, and palladium lost 3.3% to reach $1,001.75.
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