Gold prices fell as a sell of US treasuries weighed on investor appetite for the precious metal, strategists at ANZ Bank inform.
Key quotes
“The US Treasury said it is increasing the amount of debt it plans to issues in quarterly auctions. This saw investors sell treasuries, which pushed yields higher.”
“Gold tends to track US bond yields, together with inflation and the USD.”
“The fall in gold came amid a weakening picture of the US economy. Figures from ADP showed US employment plummeted in April by the most since 2002.”
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