MTECHTIPS;- Gold Prices Gain As Dollar Loses Momentum

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MTECHTIPS;- Gold Prices Gain As Dollar Loses Momentum

 MTECHTIPS-Gold prices rose on Tuesday morning as the dollar slightly dropped despite higher 10-year U.S. treasury yields. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $4.20, or 0.32%, to $1,328.2 a troy ounce by 11:42 AM ET (03:42 GMT). The U.S. dollar index that tracks the greenback against a basket of six major currencies shed 0.03% to 90.66. On earlier Tuesday morning, the dollar rallied along with the higher yields on U.S. Treasuries that hit a four-year high, then started to lose its momentum. The dollar, however, hit a new high since March 1 as United States 10-Year reached 2.99% for the first time in more than four years. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal. Also weighing on gold prices was weaker demand for safe-haven assets after geopolitical tensions eased following easing U.S-China trade-war fears and amid signs of progress toward peace talks on the Korean peninsula

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