Gold slips as focus turns to nonfarm payrolls data
Elevated treasury yields and an increase in risk appetite weigh on the safe-haven metal
02 June 2021 - 08:59 Brijesh Patel
Picture: DARIO HAYASHI
Bengaluru — Gold prices dipped on Wednesday, as elevated treasury yields and an uptick in risk appetite weighed on the safe-haven metal, while investors awaited US jobs data due this week for cues on economic recovery and near-term Federal Reserve policy action.
Spot gold was down 0.2% at $1,897.36/oz, at 3.11am GMT, after hitting its highest since January 8 at $1,916.40 on Tuesday.
US gold futures eased 0.2% to $1,900.40/oz.
“We saw some decent profit-taking as rising yields have sort of dulled the appeal for gold, primarily triggered after the US manufacturing survey data topped estimates,” Stephen Innes, managing partner at SPI Asset Management, said.