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Stronger dollar pushes gold prices lower
Rising US bond yields have caused gold prices to tumble.
london - A stronger dollar makes gold more expensive for holders of other currencies
A missile launch by North Korea caused only a brief rally for gold, seen as a safe haven in times of uncertainty.
A stronger dollar makes gold more expensive for holders of other currencies and higher bond yields raise the opportunity cost of holding non-yielding bullion. Interest rate rises meanwhile lead to higher bond yields and tend to boost the dollar.
Spot gold was down 0.3 per cent at $1,220.30 an ounce at 0958 GMT, just off Monday's seven-week low of $1,218.31. US gold futures for August delivery were flat at $1,219.70 an ounce.
"We've seen the dollar rebound from recent lows and treasury yields moving higher. That is a very powerful driver of the gold market," Julius Baer analyst Carsten Menke said.
Yields have risen sharply in recent weeks as several central banks signalled that they would tighten monetary policy, while Federal Reserve officials appeared undeterred by weak economic data and low inflation.
That has caused gold prices to tumble more than three per cent from a high of $1,258.81 on June 23. - Reuters
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