Stock Market

Gold prices tread water after falling to 2-month lows

Gold prices treaded water early Monday after the most-active contract finished off last week at its lowest level of the year as a stronger U.S. dollar and rising Treasury yields undercut the yellow metal.

Price action
  • Gold for April delivery


    rose 70 cents, or 0.1%, to $1,818 per ounce on Comex.

  • May silver

    fell by 16 cents, or 0.8%, to $20.77 per ounce.

  • June palladium

    rose $50, or 3.7%, to $55.60 per ounce, while April platinum

    gained $18, or 2%, to $928 per ounce.

  • May copper

    rose 3 cents, or 0.7%, to $3.98 per pound.

Market drivers

Gold prices retreated for the fourth straight week through Friday as data have shown that interest-rate hikes by global central banks have failed to slow the economy, stoking expectations that the Federal Reserve, European Central Bank and their rivals might raise policy rates even higher to try to combat inflation.

These expectations have weighed on gold prices while sending yields on global bonds higher. The yield on the 10-year Treasury note

was nearing 4% on Monday.

“Gold has endured a sharp reality check with its price tumbling by almost $150 an ounce so far in February,” said Rupert Rowling, an analyst at Kinesis Money.

Precious metal prices have been “pressured by rising bond yields and firming Fed rate hike expectations,” said Raffi Boyadjian, lead investment analyst at XM, in a note to clients.

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