Mumbai, 7 Aug (Commoditiescontrol): Gold prices edged lower on Wednesday, weighed down by a stronger US dollar and higher Treasury yields. Spot gold fell 0.2% to $2,385.23 per ounce, while US gold futures dropped 0.3% to $2,425.50. The dollar's recovery made gold more expensive for holders of other currencies, contributing to the decline.
However, expectations of a September rate cut by the Federal Reserve limited further losses. Markets see a 70% chance of a 50-basis-point cut, which could boost gold prices as the metal tends to thrive in a low-interest-rate environment.
Despite the decline, the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, reported a 0.37% increase in holdings to 848.06 tonnes on Tuesday. Geopolitical tensions in the Middle East also supported gold prices, with the US warning against escalation of conflict in the region.
Other precious metals saw mixed trading, with silver falling 0.2% to $26.99 per ounce, platinum rising 0.31% to $914.90, and palladium gaining 0.13% to $875.77.
(By Commoditiescontrol Bureau: 09820130172)
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