PRECIOUS-Gold pulls back as firmer dollar offsets lower U.S. bond yields
* Speculators increased their bullish positions on COMEX – CFTC gold
* Spot gold may fall within a range of $ 1,864 to $ 1,877 / oz
* US 10-year yields approach one-week low (add technical data, update prices)
June 7 (Reuters) – Gold prices fell on Monday as a rising dollar hampered the metal’s appeal, although lower U.S. bond yields and the outlook for an interest rate environment extended accommodation have limited losses.
Spot gold was down 0.3% to $ 1,884.79 an ounce at 5:11 am GMT, after rising more than 1% in the previous session as non-farm payrolls in the United States United was below expectations.
US gold futures fell 0.2% to $ 1,888.10 an ounce.
“We are seeing long hedging in Asia today, with risk hedges unwound after an uneventful news weekend, helped by a slightly stronger US dollar and with the Bitcoin rally,” said Jeffrey Halley, analyst senior market at OANDA.
“Although gold has corrected in recent sessions, the bullish fundamentals remain in place. Only a sharp steepening of the US yield curve is likely to change this. “
The dollar index held at 90.141 against its rivals, making gold more expensive for holders of other currencies.
Meanwhile, a weaker-than-expected monthly US employment report allayed investor fears that the Federal Reserve would restrict monetary stimulus soon.
Falling US interest rates put pressure on the dollar and bond yields, increasing the appeal of non-performing bullion.
The benchmark 10-year yield slipped below 1.6% and was hovering near a one-week low.
As an indicator of sentiment, speculators increased their net long positions in COMEX gold during the week ended June 1.
Spot gold could retreat to a range of $ 1,864 to $ 1,877 an ounce as it failed to break resistance at $ 1,898, according to Reuters technical analyst Wang Tao.
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Silver fell 0.7% to $ 27.58 an ounce, palladium fell 0.1% to $ 2,841.20, while platinum rose 0.2% to 1,164, $ 37. (Reporting by Brijesh Patel in Bangalore; Editing by Ramakrishnan M.)