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Gold prices fell, heading for losses for the second session in a row, as the dollar’s gains and the recovery of US Treasury bond yields weighed on the metal’s safe-haven attractiveness amid fears of the rapidly spreading Delta variant of the Coronavirus.
The spot price of gold fell 0.2 percent to $1,805.81 an ounce. US gold futures fell 0.3 percent to $1,805.50.
“Treasury yields look a little stronger, and (European) stock markets are a bit better bet, which is taking away the luster of gold,” said Michael Hewson, chief market analyst at CMC Markets UK.
The US dollar approached its highest levels for the year, and bonds continued their rally today, as the pick-up in cases of the Delta variant of the coronavirus, not inflation, became the main concern for investors.
The US Treasury yields rebounded after hitting their lowest level in more than five months during the previous session.
European stocks rose ahead of Thursday’s European Central Bank meeting, which is expected to convey an easing tone.
Silver rose 1.1 percent to $25.17 an ounce. In other precious metals, palladium advanced 1.2 percent to $2665.58, and platinum rose 0.7 percent to $1073.21 an ounce.
