Gold Declines as Dollar Rebounds, US Yields Jump After Japan Intervention
Gold prices fell nearly 1.5% on Friday as U.S. yields surged and the dollar recovered from a 30-day low. The move followed Japan's intervention in the FX market a day earlier, which had initially driven the greenback lower.
Gold fell almost 1.5% on Friday, weighed down by a rebound in the dollar and rising U.S. bond yields. The move kept the key $4,100 per ounce level elusive.
The dollar's recovery came after Japan intervened in the foreign exchange market the previous day. That action had initially pushed the U.S. Dollar Index (DXY) to a one-month low before it regained footing.
With yields climbing and the greenback strengthening, bullion faced headwinds throughout the session. Traders monitored the $4,100 resistance as a crucial near-term barrier.
Source: FXStreet Forex News