Gold is Rising After The Biggest Loss in 6 Weeks

Gold prices rose on Tuesday after rising US bond yields, supported by bets that the Federal Reserve would raise interest rates faster than expected, pushed the precious metal to its biggest drop in six weeks in the previous session.

And gold rose 0.2 percent in spot contracts to $ 1804.40 an ounce (an ounce) at 0819 GMT, after it rose on Monday to its highest level in more than a month at $ 1831.62 before giving up gains and closing down 1.5 percent. US gold futures rose 0.3 percent to $1,805.

“When there is such an increase in bond yields, it undermines the attractiveness of the inflation hedge… It’s really not surprising to see gold starting lower,” said Ilya Spivak, currency strategist at Daily FX.

Spot silver fell 0.2 percent to $22.82 an ounce, while platinum settled at $954.52, and palladium increased 0.4 percent to $1832.64.