Gold is down 0.4% as the dollar and bond yields rise

Gold prices fell on Tuesday, after a rise in the dollar and US bond yields offset support for the precious metal on fears of high inflation, and appeared to be on track for a monthly decline for the second month in a row.

Spot gold fell 0.4% to $1,848.60 an ounce at 10:25 GMT, and was down 2.5% during the month, its biggest decline since September. US futures fell 0.2% to $1,852.70 an ounce.

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The dollar index rose 0.2%, and US 10-year bond yields jumped, prompting markets to reduce expectations that the Federal Reserve will take a breather after raising rates again in June and July.

As for other precious metals, spot silver fell 0.7% to $21.79 an ounce, platinum rose 0.3% to $961.36, and palladium rose 1.5 percent to $2,062.81 but fell by 11% so far this month, recording the biggest drop since November.

Categories Economy Tags gold prices, interest rates, US Federal Reserve