Spot gold fell 0.1% to $1,850.10 per ounce by 1012 GMT, while U.S. gold futures were flat at $1,851.90
US Treasury Secy said she saw bulk of inflation being caused by supply and demand mismatches, including excessive demand for goods over services during the pandemic and severe supply chain disruptions
Gold prices on the rise as treasury bond yields have weakened US dollar's strength.
A stronger dollar makes bullion more expensive for buyers holding other currencies, while gains in benchmark US 10-year Treasury yields reduce the appeal of zero-yield gold.
The U.S. dollar strengthened following hawkish comments by a senior Federal Reserve official causing gold to retreat, Ricardo Evangelista, senior analyst at ActivTrades said in a note.
Benchmark 10-year note yields were down on the day, after briefly rising on strong spending data, while the dollar was headed for a second consecutive week of declines.
The dollar index, which measures the safe-haven currency against a basket of six other major currencies, fell as low as 101.43, its weakest since April 25.
Consumer spending, which accounts for more than two-thirds of US economic activity, increased 0.9% last month, and although inflation continued to increase in April, it was less than in recent months
Russia has around $40 billion of international bonds outstanding, with just under $2 billion in external debt servicing left until year-end
Elizabeth Rosenberg, the assistant secretary for Terrorist Financing and Financial Crimes, will visit New Delhi and Mumbai through Thursday, a Treasury spokesperson said
The greenback hit a one-month low, while U.S. 10-year Treasury yields also edged lower as weakness in equities revived safe-haven demand for the debt
NEW YORK (Reuters) - A gauge of global equity markets rebounded and U.S. Treasury yields rose on Tuesday as an easing of China's crackdowns on tech and COVID-19 and solid U.S. retail sales in April suggested economic growth might be getting stronger.
The dollar inched lower, but still held near a two-decade peak, making gold expensive for overseas buyers. [USD/]
A weaker dollar makes gold attractive for overseas buyers, while lower Treasury yields reduce the opportunity cost of holding zero-yield bullion
The dollar has risen for five straight weeks as U.S. Treasury yields have climbed on expectations the Fed will be aggressive in attempting to tamp down inflation
The dollar was headed for a fifth winning week versus major peers as benchmark U.S. Treasury yields resumed climb having hit their highest since November 2018 in the previous session
Oil also declined as China's measures to curb Covid-19 threatened a further hit to fuel demand
The market is concerned that the Fed could be quite hawkish, pricing in a 50 basis point hike, and it could be 75 basis points in July, said Stephen Innes, managing partner at SPI Asset Management
At that time, tightened sanctions imposed for Russia's invasion of Ukraine prevented the payment from being accepted, so Moscow attempted to make the debt payment in rubles
The dollar eased from a two-year high scaled in the previous session, making greenback-priced gold cheaper