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Gold prices flat as US yields, dollar remain steady

Gold prices flat as US yields, dollar remain steady

Gold prices flat as US yields, dollar remain steady
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By Reuters Dec 28, 2021 7:14:04 AM IST (Published)

Spot gold was mostly flat $1,810.76 per ounce by0048 GMT. US gold futures were up 0.2 percent at $1,811.70.

Gold held steady on Tuesday at near one-week high hit in the previous session as the US dollar and Treasury yields, key influences on bullion prices, were largely flat.

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FUNDAMENTALS
* Spot gold was mostly flat $1,810.76 per ounce by0048 GMT. U.S. gold futures were up 0.2% at $1,811.70.
* Benchmark U.S. Treasury yields and the dollar indexsteadied on Tuesday.
* Higher yields increase the opportunity cost of holdingbullion, which pays no interest, while a weaker dollar makesgreenback-priced gold less expensive for holders of non-U.S.currencies.
* Global stock markets rose on Monday and oil prices easedas investors hailed strong U.S. holiday season sales and somegrew less fearful about economic damage from the Omicron variantof COVID-19.
* Japan's jobless rate rose to 2.8% in November, while theavailability of jobs matched that of the previous month,government data showed on Tuesday.
* China will keep its monetary policy flexible next year asit seeks to stabilise growth and lower financing costs forbusinesses amid growing economic headwinds, the central banksaid on Monday.
* Analysts have said gold trading is likely to remain thinand range-bound this week.
* Spot silver fell 0.1% to $23.01 an ounce, platinum edged 0.2% lower to $968.51, and palladium dropped0.6% to $1,959.48.
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