Gold edges back above $1,270/oz as dollar steadies, yields slip

Reuters/Jan Harvey/11-06-17

Gold edged back above $1,270 an ounce on Monday as a steadier tone to the dollar and a drop in bond yields tempted some buyers back to the metal after its third straight weekly decline.

Prices remained under pressure from expectations that the Federal Reserve is on track to lift U.S. interest rates for a third time this year next month.

…”Gold remains stuck in a $1,263 to $1,282 range, with lower bond yields being offset by a stronger dollar,” Saxo Bank’s head of commodity research, Ole Hansen, said, adding that the market was watching President Donald Trump’s Asia tour, which will focus on North Korea’s nuclear missile programs and trade.

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