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Gold slips as rising U.S. Treasury yields pressure safe-haven demand
December gold futures were about $4,447.2 per troy ounce in early trading Tuesday, while the 10-year Treasury benchmark rose to 4.72%.
Gold prices softened on Tuesday, with December futures opening nearly flat and trading lower in the morning as U.S. Treasury yields rose, according to Yahoo Finance.
At about 9:10 a.m. ET, gold was quoted at $4,447.2 per troy ounce, down from Monday’s levels at the start of trading, after the 10-year Treasury benchmark (^TNX) climbed to 4.72%, near a one-year high.
Yahoo Finance linked the pressure on gold to a shift in safe-haven demand toward U.S. Treasuries, which increases the opportunity cost of holding non-yielding gold, amid signs that U.S.-Iran peace talks were making limited progress.
The report also pointed to heightened tensions in the Strait of Hormuz, including a British military account of a vessel struck by an unknown projectile, after a 60-day U.S.-Iran memorandum of understanding expired and further uncertainty weighed on markets.
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