LONDON: Gold shed 1 per cent on Monday as a recovery in share markets and rising US Treasury yields reduced some of the metal’s safe-haven appeal, prompting investors to book profits.
Spot gold was down 1.1pc at $1,497.64 per ounce by 12:19 GMT, while US gold futures slipped 1.1pc to $1,506.80.
Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.1pc to 843.41 tonnes on Friday from Thursday.
Hedge funds and money managers trimmed their bullish stance in COMEX gold and cut net long positions in silver contracts in the week to Aug. 13, the US Commodity Futures Trading Commission (CFTC) said on Friday.
Elsewhere, silver dipped 0.9pc to $16.93 per ounce. Platinum fell 0.3pc to $846.93 an ounce, while palladium gained 0.6pc to $1,456.81.
Published in Dawn, August 20th, 2019