Gold price dips on rise in bond yields, silver falls on volume spike

Singapore (July 7)  Gold is set for a fourth weekly loss in five and silver sagged to the lowest level in 15 months on heavy trading as an increase in Treasury bond yields, coupled with concern further gains may be in store, pressures non-interest bearing assets.

Bullion for immediate delivery fell as much as 0.5% to $1 219.19 an ounce, and traded at $1 221.64 at 12:09, according to Bloomberg generic pricing. The metal has lost 1.6% this week, the most since early May.

Silver dropped as much as 3.9% this week to $15.4130 an ounce, the lowest since April 2016, after giving up all of this year’s gains.

Source: fin24