Gold Prices at Two-Week Low

Gold hit a two-week low on Monday, as investors piled into the dollar with US Treasury yields approaching 3% and geopolitical tensions eased, CNBC reported. The yield on 10-year US Treasuries hit its highest since January 2014, lifting the dollar index to a seven-week peak and making dollar-priced gold costlier holders of other currencies. Spot gold was down 0.5% at $1,327.93 per ounce, after earlier touching its lowest since April 9 at $1,326.91. US gold futures fell 0.6% to $1,329.80 per ounce. Gold, seen as a safe haven in times of political turmoil, was also under pressure after North Korea said at the weekend it would suspend nuclear and missile tests before planned summits with South Korea and the United States. Added to this were signs that US-China relations might be thawing. But easing world stocks limited gold’s losses, as investors awaited earnings from global tech firms and US bond yields approached peaks that hurt risk appetite in the past. Gold often trades counter to equities, which are seen as risky assets.