Gold prices fall amid rising US government bond yields

Gold prices on May 19 morning fell under pressure from rising US government bond yields, Report informs.

The price of June futures for gold on the New York Comex exchange fell by $3.95, or 0.21%, to $1,812.12 per troy ounce. July silver futures fell 0.66% to $21.407 an ounce.

The 10-year US Treasury yield rises to 2.908% from the previous close of 2.884%. A higher yield makes gold a less profitable asset, and as a result, its value falls.

Analysts predict that the price of gold could reach $1,850 per troy ounce as investors look for safe assets amid inflationary pressures.