Gold slips as dollar, Treasury yields tick higher
Gold prices eased on Wednesday as the dollar and U.S. bond yields climbed, although concerns over the Trump administration's fresh tariffs kept prices above $3,000 per ounce level.
Spot gold was down 0.1% at $3,016.71 an ounce at 1:30 p.m. ET (1730 GMT). U.S. gold futures settled 0.1% lower at $3,022.50.
The dollar index rose 0.4% against its rivals, making gold more expensive for other currency holders, while benchmark 10-year U.S. Treasury yields inched higher.
"Gold remains underpinned by haven interest amid ongoing tariff uncertainties and geopolitical risks. Fresh record highs would bode well for attainment of my next upside target at $3,150," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
U.S. President Donald Trump said on Monday that automobile tariffs are coming soon, but indicated that not all of his threatened levies would be imposed on April 2 and some countries may get breaks.
"If the tariffs are not as serious as people are thinking, we could see a correction (in gold)," said Marex analyst Edward Meir.
The Federal Reserve held its benchmark interest rate steady last week but indicated it could cut rates later this year. Non-yielding bullion tends to thrive in a low interest-rate environment.
Elsewhere, spot silver fell 0.3% to $33.63 an ounce, while platinum was down 0.1% to $975.17. Palladium rose 1% to $965.98.
Source: Reuters
