Gold falls on stronger bond yields

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CHICAGO, April 14 (Xinhua) — Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as U.S. bond yields strengthened.

The most active gold contract for June delivery fell 11.3 U.S. dollars, or 0.65 percent, to close at 1,736.3 dollars per ounce.

Movement in the bitcoin market also exerted pressure on gold as the cryptocurrency reached new highs. Market analysts note bitcoin is a competitor to gold, and the highs are in reaction to the expected IPO of Coinbase Global.

Addressing the Economic Club of Washington on Wednesday, Federal Reserve Chairman Jerome Powell said the Fed would taper asset purchases well before any interest rate increase, but offered no date for a shift in policy. Prices showed little reaction to the comments.

Silver for May delivery rose 9.8 cents, or 0.39 percent, to close at 25.524 dollars per ounce. Platinum for July delivery rose 20.3 dollars, or 1.75 percent, to close at 1,177.4 dollars per ounce. Enditem

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