BUSINESS Gold falls on stronger US treasury yields

BUSINESS

Gold falls on stronger US treasury yields

Xinhua

06:54, June 15, 2021

CHICAGO, June 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as U.S. Treasury bond yields strengthened.

The most active gold contract for August delivery fell 13.7 U.S. dollars, or 0.73 percent, to close at 1.865.9 dollars per ounce.

Federal Open Market Committee two-day monetary policy meeting will convene on Tuesday. Investors are also waiting for further guidance to the direction of gold.

Some market analysts believe this dip in gold is temporary, as investors took profits after a recent rise in gold. The long-term outlook for gold remains strong due to rising inflation, and the potential for continued stimulus measures in the United States as jobs reports continue to be weaker than expected.

Silver for July delivery fell 10.7 cents, or 0.38 percent, to close at 28.039 dollars per ounce. Platinum for July delivery rose 14.2 dollars, or 1.23 percent, to close at 1,165.3 dollars per ounce.

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