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Gold Down Alongside Falling U.S. Treasury Yields By

© Reuters.

By Gina Lee – Gold inched down on Wednesday morning in Asia, with U.S. Treasury yields continued their fall and put pressure on the yellow metal.

inched down 0.03% at $1,733.05 by 11:42 PM ET (4:42 AM GMT), after dropping to $1,706.70, the lowest level since June 2020, on Tuesday. The , which usually moves inversely to gold, inched up on Wednesday.

Benchmark dropped for a fourth consecutive day after jumping to a one-year high during the previous week, but still near 1.4% levels.

Markets stabilized after investors reacted to the jump with a sharp selloff, but signs of U.S. economic recovery from COVID-19 could lead to another slide in bond and derivative prices.

On the central bank front, officials from the U.S. Federal Reserve, facing a potential bout of inflation this spring thanks to COVID-19 vaccine rollouts and government spending, said on Tuesday said they will nevertheless keep their ultra-easy monetary plans in place. The Fed will also release its later in the day.

Investors are also tracking the progress of a $1.9 trillion U.S. stimulus package. Proposed by President Joe Biden earlier in the year, the bill was passed by the House of Representatives during the previous week and is due to be debated by the Senate within the week.

In other precious metals, silver dipped 0.3% and platinum shed 0.3%, while palladium climbed 0.6%.

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