Gold prices down on higher U.S. bond yields

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CHICAGO, Feb. 16 (Xinhua) — Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as U.S. Treasury bond yields rose sharply.

The most active gold contract for April delivery fell 24.2 U.S. dollars, or 1.33 percent, to close at 1,799 dollars per ounce.

U.S. Treasury’s 10-year bond yield rose to the highest point since March 2020, near the height of the pandemic panic.

Gold was under additional pressure as the New York Fed on Tuesday reported that its Empire State manufacturing index rose 8.6 points to 12.1 in February, marking highest level of activity since July, 2020.

Silver for March delivery fell 0.3 cents, or 0.01 percent, to close at 27.325 dollars per ounce. Platinum for April delivery rose 20.6 dollars or 1.64 percent, to close at 1,279.6 dollars per ounce. Enditem

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