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Gold falls relative to an increase in US Treasury yields, according to Investor.com

© Reuters.

By Gina Lee

Investment.com – Gold rallied Tuesday morning in Asia but fell below its seven-week high in the previous session, as gains in a weaker currency overshadowed.

inched up 0.10% to $ 1,772.45 at 12:56 PM ET (4:56 AM GMT). The dollar, which often moves inversely against gold, fell on Thursday.

The benchmark has risen above 1.6% after hitting a 5-week low, keeping investors away from the safe-haven yellow metal.

Central banks also got off to a busy week’s start, with lending rates unchanged at 3.85% and the Reserve Bank of Australia issuing earlier in the day. Will make its policy decision on Thursday.

On the stimulus side, US President Joe Biden met with a group of bipartisan lawmakers on Monday to bolster support for his more than $ 2 trillion worth of infrastructure and jobs proposal.

According to Johns Hopkins University data, the rise in COVID-19 cases globally continues, topping 141 million as of April 20, according to Johns Hopkins University data.

In other precious metals, silver inched 0.1%, palladium decreased 0.3% and platinum decreased 0.2%.

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