Gulf Today Report
Gold declined on Wednesday as US Treasury yields and dollar gain, creating a stumbling block for bullion.
Spot gold eased 0.1% to $1,714.23 per ounce by 10:15 GMT while US gold futures fell 0.3% to $1,711.70.
Michael Hewson, CMC Markets UK’s chief market analyst said "gold prices are likely to remain under pressure, while concerns about inflation are front of mind for the market."
READ MORE
Sharjah, Singapore explore stronger economic ties
Global stocks rally on economic recovery hopes
European stocks remain thesame, Asian stocks mix on inflation concerns
He added that gains in dollars in the coming days are likely to drag bullion prices.
Although gold is seen as a shield against inflation, increase in yields has affected the status this year.