Gold falls in price slightly on rising US government debt yields

Gold prices fell slightly on May 31 morning, mainly due to the growth in the yield of US government bonds as an alternative direction for ‘safe’ investments, Report informs referring to the auction data.

The price of August futures for gold on the New York Comex exchange fell by $2.23, or 0.12% to $1,855.07 per troy ounce. July silver futures fell 0.54% to $21.852 an ounce.

In general, gold has been trading without serious price fluctuations in recent days, so, on May 30, it rose in price by 0.4%.

The growth in the attractiveness of alternative investments on May 31 affects gold prices negatively. Thus, the yield of ten-year US government bonds (US Treasuries) rose to 2.842% from the previous closing level of 2.749%.