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Gold held steady as dollar retreat

17 May 2022 8:35 am
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Mumbai, 17 May (Commoditiescontrol): Gold prices were steady on Tuesday as a pullback in the dollar supported demand for greenback-priced bullion, although the metal's strength was partially offset by a recovery in U.S. Treasury yields.

Spot gold held its ground at $1,825.66 per ounce. U.S. gold futures gained 0.6 percent to $1,825.00.

The dollar index moved lower for a second straight session, having hitting a 20-year peak last week, with the global economy in focus after weak economic data from China highlighted worries about the prospects for a global slowdown.

A weaker dollar makes gold more attractive for buyers holding other currencies. However, benchmark U.S. 10-year Treasury yields climbed, limiting demand for non-interest-bearing gold.

Gold rose slightly on Monday as a fall in Treasury yields lifted prices after they slid to a 3-1/2-month low earlier in the day.

Spot silver was flat at $21.59 per ounce, and platinum edged up 0.1 percent to $946.85, while palladium fell 0.4 percent to $2,018.15.

Improving demand and lower supply will help palladium and rhodium swing back into deficit this year and reduce platinum's surplus, consultants Metals Focus said on Monday.

(By Commoditiescontrol Bureau: +91-22-40015505)

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