Gold Edges Up In Cautious Trade As Yields Ease
(RTTNews) - Gold edged up on Wednesday after tumbling nearly 2 percent in the previous session to snap a two-day rise amid a sell-off in bond markets.
Spot gold inched up half a percent to $4,356.48 an ounce as the 30-year U.S. yield eased to around 5.27 percent from 5.3371 percent reached on Tuesday, the highest in nearly 20 years. U.S. gold futures were down 0.2 percent at $4,411.15 an ounce.
The U.S. dollar remained near multi-month lows against major currencies after the release of disappointing readings on housing starts and industrial output.
As inflation worries mount, traders await the Federal Reserve's July meeting minutes release later in the day for additional clues on the Fed's rate trajectory.
Oil prices remain elevated, with Brent crude futures rising toward $92 a barrel after U.S. President Donald Trump said there are currently no U.S.-Iran talks taking place or scheduled and that the U.S. naval blockade remains in force.
Trump also insisted the Strait of Hormuz was open and operating and that mines had been removed or detonated.
On the contrary, Iran maintained that the strategic waterway will not be opened until the United States meets its demands, highlighting the deep disconnect between the countries.
The United Arab Emirates suspended all trade and commercial ties with Iran until further notice after accusing Iran of firing two ballistic missiles towards the Gulf State.
In Lebanon, an Israeli strike on a health center has killed 12 medical workers in the southern part of the city.
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