Gold rises amid recovering dollar, high yields

11.08.2021 - Petr Mazaylo
Gold rises amid recovering dollar, high yields

Gold climbed up on Wednesday in Asia, but its gains were held back by a strengthening dollar and rising bond yields.

Gold futures edged up 0.12% to $1,733.85 by 11:42 PM ET (3:42 AM GMT). The dollar, typically moving inversely to gold, crept up on Wednesday and approached a three-week high.

On Tuesday, the US Senate has passed a large infrastructure plan, which will be voted on by the US House of Representatives. This development has boosted the country’s Treasury yields to their highest levels since mid-July 2021. US shares also closed at record highs.

Following the passage of the bill, the US Senate started the debate on a $3.5 trillion spending blueprint.

In other precious metals news, silver took a 0.1% decline to $23.29 per ounce. Meanwhile, platinum made a 0.7% gain, while palladium remained steady at $2,640.75.

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