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Gold Wavers Near Four-Month High With Central Banks in Focus

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(Bloomberg) -- Gold traded little changed near a four-month high as investors weighed higher bond yields and signs of slightly more hawkish tones from central bank officials.

Ten-year Treasury yields gained as much as 3% after earlier losses, hurting demand for non-interest-bearing bullion. Central banks are starting to tip toe away from emergency monetary settings, with South Korea following New Zealand and Canada in flagging a potential rate increase. The Federal Reserve‘s Randal Quarles said it will be important in coming months to begin discussing plans to reduce bond purchases if the economy stays strong.

The central bank comments come as gold has rallied amid signs of rising inflation and a potentially uneven economic recovery. The metal has surged about 7% this month, bringing its 14-day relative strength index to levels that some analysts said signaled it may be due for a pullback.

“Gold fell below the key $1,900 mark on Wednesday and remains on the defensive right now,” Ed Meir, an analyst at ED&F Man Capital Markets, said in a note. “Some profit taking was due given that gold’s RSI reading is still at a relatively overbought reading.”

Spot gold slipped 0.1% to $1,895.08 an ounce by 1:22 p.m. in New York. Prices climbed to $1,912.76 on Wednesday, the highest since Jan. 8. Gold futures for August delivery fell 0.3% to settle at $1,898.50 an ounce on the Comex.Silver and platinum declined, while palladium advanced. The Bloomberg Dollar Spot Index was little changed.

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