Gold Dropping From a 7-Week Peak as US Bond Yields Recover

Gold prices fell on Tuesday, April 20, after hitting a seven-week high in the previous session, as US bond yields favored a recovery in the face of support represented by the weakening of the US dollar.

Gold fell in the spot market 0.1% to $1768.01 an ounce, after hitting $1789.77 on Monday, its highest level since February 25.

And gold fell in futures trading in the United States 0.1% to 1769 dollars an ounce.

The yields of the US Treasury bonds for ten years exceeded 1.6%, after plunging to its lowest level in five weeks last week, raising the opportunity cost of owning gold that does not yield a return.

The yellow metal received some support, as the dollar index fell to its lowest level in about seven weeks against its competitors, which reduces the cost of gold for holders of other currencies.

As for the other precious metals, silver gained 0.3% to $ 25.88 an ounce, while palladium lost 0.3% to $ 2803.69 and platinum settled at $ 1,205.20.