Gold prices drifted lower on Wednesday, weighed down by higher bond yields and rising optimism about economic recovery.
The dollar’s weakness helped limit gold’s downside. The dollar index eased to a low of 91.85 a little past noon, and was last seen at 91.66, down 0.21% from previous close.
After settling with a moderate loss, gold futures fell further after the Federal Reserve’s Beige Book report showed economic activity in the U.S. accelerated to a moderate pace from late February to early April.
Looking ahead, the Fed said outlooks were more optimistic than in the previous report, boosted in part by an acceleration in COVID-19 vaccinations.
The yield on 10-year U.S. Treasury Note rebounded from three-week lows and went up by 1.5 basis points, rising to 1.64%, thanks to data showing a tamer than expected increase in U.S. underlying inflation.
Gold futures for June ended lower by $11.30 or about 0.7% at $1,736.30 an ounce.
Silver futures for May ended up by $0.4% at $25.520 an ounce, while Copper futures for May gained 2.4%, settling at $4.13 per pound.
Data released by the Labor Department showd import prices in the U.S. showed another notable increase in the month of March. The report said import prices surged up by 1.2% in March after jumping by 1.3% in February. Economists had expected import prices to climb by 1%.
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