Gold up on weakened bond yields

Gold edged higher on Thursday in Asia, lifted by declining U.S. bond yields. However, a strong risk appetite in equity markets capped bullion’s gains.

Gold futures climbed up 0.13% to $1,801.15 by 12:14 AM ET (4:14 AM GMT), staying afloat the $1,800 mark. The dollar, typically moving inversely to gold, crept up on Thursday, while the benchmark 10-year U.S. Treasury yields dropped to an almost two-week low.

Investors are now waiting for the decisions after the Bank of Japan and the European Central Bank’s (ECB) policy meetings, both due within the day. While both central banks are expected to keep their policy unchanged, a Reuters report indicated that the ECB will likely push back against expectations for an interest rate hike in 2022.

Investors are also waiting for the U.S. Federal Reserve policy meeting on November 3 for insights on its asset tapering timeline.

In other precious metals, silver traded flatly at $24.04 per ounce, while platinum and palladium increased by 0.2% and 0.4%, respectively.