Gold is dropping for a peak of 7 weeks

Gold prices fell today, Tuesday, after hitting a seven-week high in the previous session, as US bond yields favored a recovery in the face of support represented by the weakness of the US dollar.
Gold fell in the spot market 0.1 percent to $ 1768.01 an ounce by 0711 GMT, after hitting $ 1789.77 on Monday, its highest level since February 25.
And gold fell in futures trading in the United States 0.1 percent to 1769 dollars an ounce.
The yields of the US Treasury bonds for ten years exceeded 1.6 percent after plunging to its lowest level in five weeks last week to raise the opportunity cost of owning gold that does not yield a return.
And the yellow metal received some support, as the dollar index fell to its lowest level in about seven weeks against its competitors, which reduces the cost of gold for holders of other currencies.
As for the other precious metals, silver gained 0.3 percent to $ 25.88 an ounce, while palladium lost 0.3 percent to $ 2,803.69 and platinum settled at $ 1,205.20.

Source: Agencies

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