Gold gains as U.S. dollar yields slip
Istanbul, June 6 (Hibya) - Gold firmed on Thursday as the dollar and Treasury yields retreated on rising bets that U.S interest rate cuts may start as early as September, while investors awaited the U.S. non-farm payrolls data.
Spot gold was up 0.8 percent at $2,373.31 per ounce as of 0258 GMT, after rising 1 percent in the previous session. U.S. gold futures rose 0.7 percent to $2,392.80. Spot silver rose 1.8 percent to $30.54 per ounce, platinum was up 1.2 percent at $1,003.95 and palladium gained 1.2 percent to $942.75.
The dollar index was down 0.2 percent, maintaining its position around a two-month low, and benchmark U.S. 10-year Treasury yields remained close to their lowest levels in over two months. These factors continue to exert their influence on the gold market, keeping investors and traders updated about the current market trends.
Gold is typically denominated in U.S. Dollars, and the dollar's value can significantly impact the live gold price. As the dollar strengthens, it can potentially make gold relatively more expensive for foreign investors, driving the price down in the process.
On the other hand, if the dollar is weakening, it can make gold relatively less expensive for foreign investors, driving gold prices higher. Changes in the U.S. Dollar Index are a major catalyst for changes in live gold prices on a daily basis.