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MTECHTIPS:-Gold Prices Sink to 5-Week Low as US Bond Yields, Dollar Rise

Thursday, February 8, 2018 2:39

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MTECHTIPS:-Gold Prices Sink to 5-Week Low as US Bond Yields, Dollar Rise

MTECHTIPS-Gold prices fell to five-week lows as the dollar continued to advance amid a sharp uptick in Treasury yields. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange fell by $13.30, or 1.00%, to $1,316.20 a troy ounce. The United States 10-Year rose to four-year highs sparking a move higher in the dollar, pressuring gold to five-week lows following news that the Senate agreed a budget deal. Senate leaders reached a major budget agreement that would increase spending caps, Majority Leader Mitch McConnell said Wednesday. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A rise in the dollar makes gold more expensive for holders of foreign currency and thus, reduces demand. Also weighing on the yellow metal was a tick lower in safe-haven demand amid easing geopolitical uncertainty following reports that German Chancellor Angela Merkel’s Christian alliance and the Social Democrats (SPD) agreed a coalition deal, paving the way for a new government

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