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Gold falls as US 10-year yields rise ahead of CPI
XAU/USD was last down 0.4% to $4,157 as the US 10-year Treasury yield climbed 6 basis points to 5.223%.
Gold prices extended their losses on Tuesday as US Treasury yields resumed an uptrend ahead of upcoming US inflation data, according to FXStreet. At the time of writing, XAU/USD traded around $4,157, down 0.37%.
FXStreet linked the move to earlier US economic releases, including an ADP Employment Change 4-week average that dipped from 25.25K to 24.75K, and an Existing Home Sales Change for September that improved 1.5% month over month to beat August’s -3.2% contraction. Despite the data, FXStreet said bullion prices lost momentum as yields started the session lower but later rose.
FXStreet reported the US 10-year Treasury yield was up 6 basis points to 5.223% and noted the US Dollar Index (DXY) fell more than 0.32% to 102.24, with its correlation to oil weakening. It also pointed to WTI rising more than 1% to $94.20 amid Middle East tensions, while the US-Iran conflict was described as ongoing in the session.
Latest closeGold $4,157.80 ▲0.4%|WTI crude $91.10 ▲3.2%|Dollar index 102.12 ▼0.1%