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.