By Sumita Layek (Reuters) - Gold declined to a near nine-month low on Friday and was set for a third straight weekly decline, as the dollar and bond yields rose after Federal Reserve Chair Jerome Powell s remarks that the rise in yields were not disorderly. Spot gold eased 0.3% to $1,692.13 per ounce by 0515 GMT, having earlier fallen to its lowest since June 8 at $1,686.40. For the week so far, it is down 2.3%. U.S. gold futures fell 0.6% to $1,690.40. Powell on Thursday repeated his pledge to keep credit loose and said although the rise in yields was notable , he did not believe the Fed will have to intervene to bring them down.
Read more about Gold prices headed for second monthly decline as Treasury yields rise on Business Standard. Prices had dropped 1.9% on Thursday as benchmark U.S. Treasury yields hit their highest since the pandemic began, lifting the dollar
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Spot gold trade set to take off soon on existing exchanges
The Securities Contracts (Regulation) Act would also see some amendments to give shape to gold being treated as a security and in the provisions for duration of contracts. February 10, 2021 / 07:14 AM IST
Spot gold trading on existing exchanges is likely to be a reality soon following the finance minister’s announcement in the budget that the Securities and Exchange Board of India (Sebi) would be the regulatory body to monitor such trades.
This would mean that spot gold will be traded in a separate segment on existing exchanges, and vault receipts (for physical gold) provided by the Warehousing Development and Regulatory Authority (WDRA) will be traded on exchanges as securities.
Read more about Gold scales two-week high as dollar slips on fiscal stimulus optimism on Business Standard. Spot gold gained 0.9% to $1,896.96 per ounce at 1:58 p.m. EDT (1758 GMT), while U.S. gold futures settled up 1.1% at $1,903.20