A weaker dollar makes gold attractive for overseas buyers, while lower Treasury yields reduce the opportunity cost of holding zero-yield bullion
The dollar has risen for five straight weeks as U.S. Treasury yields have climbed on expectations the Fed will be aggressive in attempting to tamp down inflation
The dollar was headed for a fifth winning week versus major peers as benchmark U.S. Treasury yields resumed climb having hit their highest since November 2018 in the previous session
Oil also declined as China's measures to curb Covid-19 threatened a further hit to fuel demand
The market is concerned that the Fed could be quite hawkish, pricing in a 50 basis point hike, and it could be 75 basis points in July, said Stephen Innes, managing partner at SPI Asset Management
At that time, tightened sanctions imposed for Russia's invasion of Ukraine prevented the payment from being accepted, so Moscow attempted to make the debt payment in rubles
The dollar eased from a two-year high scaled in the previous session, making greenback-priced gold cheaper
Japan's Finance Minister Shunichi Suzuki and US Treasury Secretary Janet Yellen met Thursday and agreed to uphold existing foreign exchange-rate agreements
Spot gold was down 0.4% at $1,950.61 per ounce, as of 0502 GMT. U.S. gold futures were down 0.1% at $1,953.00
By Bharat Gautam
US Treasury yields dipped after hitting three-year highs on Wednesday as buyers emerged. Benchmark 10-year yields were last at 2.8455%, after reaching 2.981% overnight, the highest since Dec. 2018
The U.S. dollar hit 129.43 yen on Wednesday for the first time since April 2002 earlier in the session, before easing to 127.79 yen, down 0.8%
Spot gold fell 1.3% to $1,953.19 per ounce by 02:30 p.m. ET (1830 GMT). U.S. gold futures settled down 1.4% at $1,959
A significant cut to global growth expectations from the World Bank, paired with March weakness in China's latest economic numbers injected some pessimism into US markets
Stocks were up in early trading, with the Dow Jones Industrial Average rising 0.22%, the S&P 500 climbing 0.25% and the Nasdaq Composite up 0.23%
The benchmark 10-year US Treasury yield hit a three-year high last week in the wake of hawkish comments from Fed officials
The dollar index advanced to 100 for the first time in nearly two years. It rose as high as 100.19, its highest since May 2020.
Ukrainian leaders called on Thursday for the democratic world to stop buying Russian oil and gas, and cut Russian banks entirely from the international financial system.
NEW YORK (Reuters) - Stock indexes mostly rose on Thursday as investors snapped up beaten-down shares, while the U.S. dollar climbed to its highest in nearly two years and the U.S. Treasury 10-year yield touched a three-year high following hawkish signals from the Federal Reserve.
Treasury Secretary Janet Yellen says more government regulation is needed to police the proliferation of cryptocurrency and other digital assets and to ward off fraudulent and illicit transactions.