Gold prices headed back towards seven-month lows on Wednesday as an ascending dollar and bond yields after strong U.S. jobs data kept markets expectant of further monetary policy tightening, while palladium slipped to its lowest level since late 2018.
Spot gold eased 0.1% to $1,820.70 per ounce by 0332 GMT, while U.S. gold futures dropped 0.3% to $1,836.20.
The unexpected rise in August U.S. job openings highlights the durability of labor demand, NAB Resources said, adding that gold continues to decline on the higher-for-longer Federal Reserve rates outlook, strengthening U.S. bond yields and dollar.
Benchmark U.S. 10-year bond yields were at 16-year highs, diminishing demand for non-interest-paying bullion.
SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.2% on Tuesday.
Persons:
Janet Yellen, Yeap Jun Rong
Organizations:
U.S ., NAB Resources, U.S, Treasury, Benchmark, Trust, Palladium
Locations:
Moscow, Russia