Gold prices edged down on Monday as
elevated U.S. Treasury yields and a firm dollar pressured demand
for greenback-priced bullion.
* Spot gold fell 0.1% to $1,880.56 per ounce, as of
0049 GMT, while U.S. gold futures were down 0.2% to
* Benchmark 10-year U.S. Treasury yields hit their highest
since November 2018, pressuring prices of zero-yield gold.
* The dollar hovered close to a 20-year high against its
rivals, making greenback-priced bullion less attractive for
other currency holders.
* U.S. job growth increased more than expected in April as
manufacturers boosted hiring, underscoring the economy’s strong
fundamentals despite a decline in output in the first quarter.
* Two of the Federal Reserve’s most outspoken policy hawks
on Friday pushed back on the view that the U.S. central bank
missed the boat on the fight against high inflation, citing a
tightening of financial conditions that began well before the
Fed began raising interest rates in March.
* While gold is seen as a safe store of value during times
of political and economic crises, it is highly sensitive to
rising short-term U.S. interest rates and bond yields, which
raise the opportunity cost of holding bullion.
* As many as 60 people are feared to have been killed when a
bomb struck a village school in eastern Ukraine, the regional
governor said on Sunday, while Russian forces continued shelling
the last holdout of Ukrainian resistance in the ruined
southeastern port of Mariupol.
* Asian markets got off to a shaky start on Monday as U.S.
stock futures took an early skid on rate worries, while a
tightening lockdown in Shanghai stoked concerns about global
economic growth and possible recession.
* Spot silver slipped 0.4% to $22.24 per ounce,
platinum fell 1.2% to $951.69, and palladium
dropped 0.2% to $2,042.80.
(Reporting by Bharat Govind Gautam in Bengaluru; editing by