Home Economy Gold prices: Gold prices firm on weaker US dollar, treasury yields

Gold prices: Gold prices firm on weaker US dollar, treasury yields

6
Gold prices edged up on Monday, hovering near their highest in more than four months, as a weaker dollar and pullback in U.S. Treasury yields supported the safe-haven

Spot gold was up 0.1% at $1,882.10 per ounce by 0050 GMT. Last week, gold prices hit their highest level since Jan. 8 at $1,889.75.

* U.S. gold futures rose 0.3% to $1,882.90 per ounce.

* The dollar stood near its lowest levels in three months against the resurgent euro and other European currencies, making gold cheaper for other currency holders.

* Benchmark 10-year Treasury yields were hovering near a week low. Lower bond yields reduce the opportunity cost of holding non-interest bearing gold.

* Data on Friday showed U.S. factory activity gathered speed in early May amid strong domestic demand. * Federal Reserve officials and new Dallas Fed data have begun lowering expectations for May jobs growth in the United States as business hiring plans continue to outrun the supply of people…

Click here for full article…economictimes.indiatimes.com