Gold prices on January 13 morning fell slightly under the pressure of rising yields on US government bonds, Report informs referring to the auction data.
The price of February gold futures on the New York Comex stock exchange fell 0.05%, or $0.85, to $1,826.45 per troy ounce. March silver futures fell 0.09% to $23.227 an ounce.
The decrease in the value of gold was facilitated by an increase in the yield of US government bonds. Thus, the yield on ten-year US Treasuries rose to 1.754% from the previous close of 1.725%.
In addition, investors are watching for signals from the US Federal Reserve to tighten monetary policy and raise the base interest rate.
Gold might stay above $1,800 an ounce as Treasury yields are unlikely to rise significantly until markets become more confident about the Fed’s tightening, which will only happen after a few meetings, Wall Street Journal reports referring to analysts.