Gold regains some ground as US bond yields, dollar edge lower

Gold regains some ground as US bond yields, dollar edge lower

Spot gold was up 0.3% at $1,902.46 per ounce, as of 0249 GMT. U.S. gold futures were up 0.34 at $1,902.60.







Reuters









April 26, 2022 / 09:39 AM IST





Representative Image



Gold prices rose on Tuesday after hitting a near one-month low in the previous session, as a slight pullback in the U.S. dollar and lower Treasury yields increased bullion's appeal.

Spot gold was up 0.3% at $1,902.46 per ounce, as of 0249 GMT. U.S. gold futures were up 0.34 at $1,902.60.

The dollar eased from a two-year high scaled in the previous session, making greenback-priced gold cheaper. [USD/]

Benchmark U.S. 10-year Treasury yields also eased, increasing the appeal of zero-yield gold. [US/]

"Some tentative support has appeared in Asia as China eased foreign currency reserves for local banks and set a neutral USD/CNY fix to support the yuan," said OANDA senior analyst Jeffrey Halley, adding gold's stabilisation looked very fragile.

China's central bank said it would step up prudent monetary policy support to the real economy, especially to small firms hit by the COVID-19 pandemic, responding to a media question seeking comment on swings in the financial markets.

Meanwhile, Russia told the world not to