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PRECIOUS-Gold retreats from near 5-month peak on firmer yields, equities


By Reuters Staff
3 Min Read
June 2 (Reuters) - Gold prices on Wednesday retreated from a near five-month high marked in the previous session, as an uptick in bond yields weighed on the safe-haven metal while strong U.S. economic data prompted the shift back into riskier assets.
FUNDAMENTALS
Spot gold was down 0.1% at $1,898.58 per ounce, as of 0053 GMT, after hitting its highest since Jan.8 at $1,916.40 on Tuesday.
U.S. gold futures eased 0.2% to $1,901.90 per ounce.
Data showed that U.S. manufacturing activity picked up in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor. ....

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