Gold prices settled with a loss on Wednesday, as strength in the U.S. dollar and Treasury yields and some gains in the stock market combined to push the precious metal to its lowest finish in five weeks.
June gold declined by $10.20, or 0.8%, to settle at $1,322.80 an ounce-the lowest for a most-active contract since March 21.
Oil futures ended higher Wednesday, buoyed by the possibility that the U.S. will reimpose sanctions on Iran. The deadline for the U.S. decision on whether to extend waivers on Iranian sanctions is May 12. If sanctions are reimposed, that may contribute to tighter global supplies.
June West Texas Intermediate crude rose 14 cents, or 0.2%, to settle at $68.19 a barrel on the New York Mercantile Exchange.
Gold prices fell for a second straight session on Thursday to again finish at their lowest level in about five weeks.
June gold declined by $4.90, or 0.4%, to settle at $1,317.90 an ounce-the lowest for a most-active contract since March 20.
The precious metal failed to find support from a pullback in U.S. Treasury yields, as strength in the U.S. dollar and gains in the stock market helped dull demand for gold.
The U.S. dollar broadly advanced Wednesday, resuming its recent uptrend inspired by higher Treasury yields, as the 10-year yield pushed further above 3%.
The ICE U.S. Dollar Index which gauges the buck against a basket of six currencies, rose 0.4% to 91.156, its highest level since mid-January according to FactSet data. On Tuesday, the index fell 0.2%.
The WSJ Dollar Index which measures the greenback against a wider basket of currencies, gained 0.4% to 85.20, also its highest since...
Tokyo stocks opened higher on Thursday, as a cheaper yen helped boost market sentiment with investors pursuing shares in companies expected to report brisk earnings.
The benchmark Nikkei 225 index gained 0.32 percent, or 70.42 points, to 22,285.74 in early trade, while the broader Topix index was up 0.27 percent, or 4.69 points, at 1,772.42.
Source : AFP