This photo posted at Solar Capital Gold Zrt shows a 250 gram gold bar (center) from Argor-Heraeus SA. in Budapest, Hungary.
Akos Stiller | Bloomberg | Getty Images
Gold slipped slightly on Thursday as the dollar remained strong and investors ignored the economic threats posed by rising delta-variant coronavirus cases and opted for riskier assets instead.
Spot gold fell 0.1% to $ 1801.82 an ounce as of 00:40 GMT after hitting more than a week’s low of $ 1,793.59 in the previous session.
US gold futures fell 0.1% to $ 1801.90 an ounce.
The dollar index held close to a 3-1 / 2-month peak compared to its rival, making gold more expensive for holders of other currencies.
Markets boosted earnings on Wednesday, and yields surged in part on positive corporate earnings as investors largely ignored concerns over the delta coronavirus option and inflation.
The 10-year Treasury yield continued to rebound from five-month lows after a weak 20-year auction. Higher bond yields increase the opportunity cost of owning interest-free gold.
The European Central Bank will almost certainly promise an even longer stimulus on Thursday to meet its commitment to raise inflation.
US President Joe Biden said the current rise in consumer prices will be short-lived as the US economy emerges from the global Covid-19 crisis, adding that his economic plan will reduce inflation in the long term.
Republicans in the U.S. Senate have blocked progress towards opening a debate Wednesday on a $ 1.2 trillion bipartisan infrastructure measure, which is a top priority for President Biden.
Silver remained steady at $ 25.23 an ounce, palladium rose 0.3% to $ 2,661.17 and platinum was unchanged at $ 1,079.99.