Gold weakens over firm dollar

Gold was edged down by strengthening dollar on Wednesday trade in Asia. This as rising U.S. yields supported the greenback rally, shunning investors away from the precious metal.

Gold futures slipped 0.31% at $1,711.55, though remaining above the $1,700 mark. The yellow metal’s fall was the rise for dollar on Wednesday as the two assets move inversely to each other.

The dollar’s firm stance was due to stabilizing U.S. Treasury yields following their fall during the previous trade session.

Following the Senate’s approval of Biden’s $1.9 trillion stimulus package, U.S. Congress voted to take up a $1.9 trillion stimulus package bill on Tuesday, pass it on Wednesday before Biden could sign it into law within the week.

Meanwhile, the European Central Bank is set to release its monetary policy on Thursday.

In other precious metals, silver added 0.2% and palladium slightly moved at $2,296.70. Platinum steadied at $1,169.19.