Gold Prices Mixed On Softer Dollar

Gold prices were mixed on Thursday amid a softer U.S. dollar and rising bond yields. – Gold prices were mixed on Thursday amid a softer U.S. dollar and rising bond yields.

for June delivery on the Comex division of the New York Mercantile Exchange were up $1.70, or 0.13%, to $1,303.20 a troy ounce by 11:55PM ET (03:55 GMT).

Gold prices have continued to oscillate around the $1,300 level as rising U.S. bond yields limited any gains from a plunge in the dollar. U.S. 10-year treasury yields rose 0.19% to 2.85% on Thursday.

Gold is sensitive to moves higher in U.S. rates, which lift the opportunity cost of holding gold as it pays no interest.

The , which tracks the greenback against a basket of six major currencies, dropped from its fresh high of 94.93 and was on course to trade below the 94 level. The index shed 0.05% to 94.01 at 11:55PM ET (03:55 GMT) and the slide appeared poised to continue.

Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

In other precious metal trade, shed 0.05% to $16.535 a troy ounce, while dropped 0.04% to $909.00 an ounce. lost 0.07% to $3.07.

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