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Gold prices hold ground as US bond yields slide

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Gold prices firmed on Tuesday as a decline in U.S. Treasury yields offset pressure on greenback-priced bullion from sustained strength in the dollar.

Benchmark 10-year U.S. Treasury yields extended declines on Tuesday after pulling back from their highest level in 3-1/2 years in the previous session, buoying prices of zero-yield gold.

The dollar held steady near a fresh 20-year high scaled on Monday on risk-off sentiment stemming in part from concerns over the U.S. Federal Reserve’s ability to combat high inflation boosted the greenback’s safe-haven appeal.

This made greenback-priced and rival safe-haven bullion less attractive for other currency holders, and continued to restrain gold prices after pushing them 1% lower in the previous session.

Russian President Vladimir Putin exhorted Russians to battle in a defiant Victory Day speech on Monday, but was silent about plans for any escalation in Ukraine, despite Western warnings he might use his Red Square address to order a national mobilisation

While gold is seen as a safe store of value during times of political and economic crises, it is highly sensitive to rising short-term U.S. interest rates and bond yields, which raise the opportunity cost of holding bullion.

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