Gold inches higher as silver, platinum retreat
Gold inched higher Wednesday as prices of other precious metals moved lower.
Price action
-
Gold futures expiring in August
GCQ22,
+0.25%
were up 0.2%, or $1.60, to $1,856 per ounce. - Silver SI00 futures expiring in July were down 1.5%, or 35 cents, to $21.
- Platinum PL00 expiring in July was off 1.2% to trade just above the $1,000 threshold.
-
Palladium futures
PAU22,
-1.06%
were off 1.5% to $1,955. -
In the industrial metals space, copper
HG00,
+0.08%
for July deliver was flat at $4.42
What analysts are saying
A strong dollar
DXY,
and higher Treasury yields
TMUBMUSD10Y,
— most notably the 10-year Treasury yield, which was holding above 3% — were blamed for stealing some of the shine from metals and keeping a lid on gold.
Gold competes with the dollar and Treasuries as a “safe haven” asset, and higher Treasury yields tend to make bonds a more attractive choice.
“Yellow metal traders at mid-week are seeing the bullish elements of higher crude oil prices and a still-wobbly U.S. stock market, but also the bearish aspects of rising bond yields and a recent rebound in the U.S. dollar index,” said Jim Wyckoff, senior analyst at Kitco.
As for the U.S. dollar
USDJPY,
it climbed to a new multi-decade high against the Japanese yen, with one dollar buying more than 134 yen as of Wednesday.
Gold closed modestly higher on Tuesday.
