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PRECIOUS-Gold rises on weak dollar but US bond yields cap gains

 


(Price update)

* Benchmark 10-year Treasury yields hit a five-month high

* Rise in gold capped by lower expectations – analyst

October 20 (Reuters) – Gold prices extended their gains for the second day in a row on Wednesday, supported by a weaker dollar, although the gains were limited by high Treasury yields and the potential reduction in purchases of gold. Federal Reserve assets.

Spot gold rose 0.6% to $ 1,780.20 an ounce at 1105 GMT. The metal rose as high as 1.2% on Tuesday. US gold futures gained 0.5% to $ 1,780.00.

Gold remains buoyant due to inflationary pressure from rising energy prices and weaker output data from Chinese and US factories, said Xiao Fu, head of commodities strategy. at the Bank of China International.

On the downside, there is demand for a safe haven due to global growth concerns, but the upside remains limited by a potential rise in Treasury yields and lower expectations.

Production at US factories fell the most in seven months in September, another indication that supply constraints were hampering economic growth.

Making gold more attractive to foreign buyers, the dollar index has changed little and is not far from its three-week low reached on Tuesday.

Meanwhile, yields on 10-year U.S. Treasuries hit their highest level since May 20.

Fed Governor Christopher Waller said on Tuesday that if inflation continues to rise at its current rate over the next few months, Fed policymakers may need to adopt a more aggressive policy response next year.

Bullion is often seen as a hedge against inflation, although reducing stimulus and rising interest rates push up government bond yields, raising the opportunity cost of holding bullion. non-productive.

Over the past few weeks, yields on U.S. Treasuries have risen as inflation fears rise, but gold has struggled to make a significant move one way or the other … L gold is trading between $ 1,720 and $ 1,820, said Michael Hewson, chief market analyst at CMC Markets UK

Elsewhere, spot platinum fell 0.1% to $ 1,039.49 an ounce, palladium lost 1% to $ 2,076.68.

Silver rose 1.2% to $ 23.94.

Reporting by Arundhati Sarkar in Bengaluru Editing by Mark Potter and Louise Heavens

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2/ https://www.reuters.com/article/global-precious-idUSL4N2RG290

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