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The rise of gold and the stability of the dollar limits the gains
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Economy News _ Baghdad
Gold held its gains on Wednesday, after climbing to a 19-month high in the last session, as a stronger dollar and higher Treasury yields countered support from safe-haven demand caused by the Ukraine crisis.
Spot gold settled at $2,053.99 an ounce by 03:12 GMT, after rising to $2,069.89 in the previous session.
US gold futures rose 0.9 percent to $2,061.40.
US Treasury yields soared as Federal Reserve Chairman Jerome Powell backed an interest rate hike this month, while the dollar held near its highest in more than a year and a half on Monday.
Gold is sensitive to rising US interest rates, which increases the opportunity cost of holding non-yielding bullion. Higher interest rates are also boosting the dollar, putting pressure on the dollar-priced metal.
Palladium gained 3.3% to $3,284.67 an ounce, up 38% since Russia invaded Ukraine on February 24.
Spot silver prices were up 1% at $26.66 an ounce, after touching a nine-month high on Tuesday. And platinum rose 1.2 percent to 1168.02 dollars.
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