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Gold gains as US dollar, yields retreat

5 Oct 2023 8:09 am
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Mumbai, 5 Oct (Commoditiescontrol): Gold prices gained on Thursday, snapping eight consecutive sessions of losses, as U.S. bond yields and the dollar stepped back from highs ahead of a keenly awaited non-farm payrolls report this week.

Spot gold was up 0.2% to $1,823.79 per ounce, attempting a rebound from its weakest levels since March which it touched on Tuesday. U.S. gold futures rose 0.2% to $1,838.20.

Benchmark U.S. 10-year bond yields fell from 16-year highs and the U.S. dollar was 0.1% lower.

A broad selloff in world government bonds on Wednesday drove up U.S. 30-year Treasury yields to 5% for the first time since 2007 and German 10-year yields to 3%, which could hasten a global slowdown and hurt stocks and corporate bonds.

Foreign exchange strategists are sticking with their forecasts for a weaker dollar despite having been wrong-footed for years in predicting a downturn in the greenback, the latest Reuters poll showed.

The U.S. services sector slowed in September as new orders fell to a nine-month low, but the pace remained consistent with expectations for solid economic growth in the third quarter.

U.S. private payrolls increased far less than expected in September. Markets now await the Labor Department's more comprehensive and closely watched employment report for September on Friday.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.5% to 869.31 tonnes on Wednesday.

Spot silver gained 0.5% to $21.07 per ounce, off a seven-month low hit this week.

Platinum was up 0.1% to $867.20, having slid to its lowest in a year on Wednesday. Palladium rose 0.4% to $1,171.68, trading close to 5-year lows touched in the last session.

(By Commoditiescontrol Bureau: 09820130172)

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