Gold ticks up as dip in U.S. yields loosens dollar’s grip

Sales persons wait for customers at a gold jewelry showroom in Chandigarh, India, November 9, 2016. REUTERS/Ajay Verma

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May 16 (Reuters) – Gold rose slightly on Monday as a retreat in U.S. Treasury yields offset headwinds from a relatively firm dollar, which, along with looming interest rate hikes, earlier pushed bullion to a more than three-and-a-half-month low.

Spot gold edged up 0.2% to $1,814.99 per ounce as of 10:41 a.m. ET, after earlier hitting its lowest since Jan. 31 at $1,786.60. U.S. gold futures rose 0.2% to $1,812.10.

Gold’s slight bounce was attributable to a dip in Treasury yields and a small pullback in the dollar, RJO Futures senior market strategist Bob Haberkorn said, adding that the overall trend for the dollar was “still high as the Fed is being aggressive with its rate…

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