Gold prices under pressure as US yields rebound

Gold prices declined in European trade for a second session under pressure from higher US yields, hurting demand on non-yielding assets. 

Prices Today

Gold prices declined 0.2% on Tuesday to $1,821 an ounce, after losing 0.2% yesterday, the second loss in three days. 

US Yields 

US 10-year treasury yields rose 1.7% for the third straight session, heading for 11-year highs at 3.5%. 

Higher yields underpin the dollar and hurt gold demand, as analysts now expect a solid 0.75% rate hike in July to control record inflation. 

The G7 

G7 countries are expected to ban gold imports from Russia on Sunday to tighten the noose on Moscow and cut off some of its finances. 

Some analysts thought such a move would bolster gold prices but it's a mostly symbolic move since Russian assets are already banned from the west. 

The SPDR 

Gold holdings at the SPDR Gold Trust fell 4.64 tones yesterday, the fifth decline in a row, to a total of 1,056 tones, the lowest since May 19.