WASHINGTON (dpa-AFX) - Gold prices retreated on Wednesday amidst the dollar's rebound as well as a spike in bond yields. Both Spot Gold and Gold Futures recorded losses in Wednesday's trade.
The six-currency Dollar Index strengthened 0.37 percent to trade at 98.60. The day's trading range was between 98.20 and 98.74.
Yields on 30-year U.S. treasury bonds surged 0.41 percent to 4.929 percent while on ten-year bonds it hardened 0.33 percent to 4.269 percent. The yields on the 5-year tenor U.S. treasury bonds also hardened 0.24 percent to 3.747 percent. Ten-year sovereign bonds in Canada, France, Italy and Japan also recorded yield spikes in Wednesday's trading.
Spot Gold and Gold Futures (for December settlement) had both rallied on Tuesday.
Gold Futures for December settlement slipped 0.21 percent overnight to trade at $3,425.75, versus the previous close of $3,433.00. The day's trading range has been between $3,422.6 and $3,444.15 as compared with the 52-week trading that ranged between $2,479.8 and $3,534.10.
With today's decline, weekly gains stand at 1.1 percent and monthly gains add up to 2.1 percent. Amidst year-to-date gains of close to 30 percent, the price surge over the 3-year horizon is now more than 97 percent.
Spot Gold shed 0.47 percent overnight to trade at $3,377.70 per troy ounce. The day's trading range has been between $3,373.84 and $3,394.32. Spot Gold had ranged between $2,471.95 and $3,500.33 over the past 52 weeks.
At current prices, Gold Futures has gained more than 36 percent and Spot Gold has gained more than 34 percent over the past year.
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