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Gold falls on higher U.S. treasury yields

09 Mar 2021, 07:44 GMT+10

CHICAGO, March 8 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as U.S. treasury yields went higher.

The most active gold contract for April delivery fell 20.5 U.S. dollars, or 1.21 percent, to close at 1,678 dollars per ounce.

A stronger U.S. dollar also dampened gold, and the combination of higher bond yields and stronger dollar kicked gold settlement to the lowest level since April 2020 on Monday.

U.S. Department of Commerce on Monday reported that U.S. wholesale inventories increased by 1.3 percent in January, after climbing by an upwardly revised 0.6 percent in December, putting additional pressure on gold.

Silver for May delivery fell 1.8 cents, or 0.07 percent, to close at 25.269 dollars per ounce. Platinum for April delivery rose 24 dollars, or 2.13 percent, to close at 1,152.3 dollars per ounce.

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