Gold Approaching $1,800 as Dollar And US Bond Yields Decline

Gold prices settled near a two-month high Thursday, April 22nd, only slightly diverging from the important $1,800 level as the US dollar retreated with the descent of Treasury yields, while palladium supply concerns kept steady near a record high recorded in the last session.

Gold was little changed in spot transactions at $1790.88 an ounce, after reaching its highest level since February 25 at $1797.67. And US gold futures fell 0.1% to $1791.20 an ounce.

The yield on the US benchmark 10-year Treasury bonds settled below 1.6%, which reduces the opportunity cost of owning the yellow metal, which does not yield a return. The dollar index is near its lowest level in several weeks against most major currencies.

Traders are awaiting the European Central Bank meeting scheduled for later today.

Silver fell 0.6% to $26.42 an ounce, and platinum fell 0.2% to $1211.26.