Gold closes at 9-month low

Gold prices fell on Wednesday, as the US dollar rose against most of its peers, while the US Treasury bonds yield rebounded despite the release of weak economic data.

The yield of the US 10-year Treasury rose near the 1.5% mark today, , after rising to 1.6% on Friday for the first time in more than a year.

ADB data showed that the US private sector added 117,000 jobs during February, while expectations indicated that 203,000 jobs would be added.

The Institute for Supply Management revealed that the service sector in the US fell in February 55.3 points, missing forecasts of 58.7 points.

The dollar index rose against a basket of major currencies by 0.08% to 90.8 points as of 19:08 GMT, after hitting a high of 91.06 points and a low of 90.6 points.

Gold April futures fell 1% or $17.8, and ended at the lowest closing since June 8, 2020 at $1,715.8 an ounce, with today’s high at $1739.1, and the low at $1699.4.