Gold slips further below $1,200 as bond yields jump

Gold extended losses into a second session on Thursday as higher bond yields dented the investment appeal of the metal, while uncertainty over the timing of a US rate hike also weighed.

Spot gold fell 0.7 per cent to $1,183.60 an ounce by 0654 GMT, after losing 0.1 per cent in the previous session, holding below the key $1,200 level for a fifth day. Silver fell nearly 1 per cent. Bond yields in Europe and the United States have been rising as deflation fears have eased with recovering oil prices, and in anticipation of a interest rate hike by the US Federal Reserve later this year.

Germany’s 10-year government bond yield hit a 2015 high on Wednesday, while the 10-year US Treasury yield rose to a two-month high.

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Posted in: Indian Market Tips