PRECIOUS-Gold steady as dollar retreat offsets firmer Treasury yields

BY Reuters | TREASURY | 05/16/22 09:22 PM EDT
       May 17 (Reuters) - Gold prices were steady on Tuesday as a
pullback in the dollar supported demand for greenback-priced
bullion, although the metal's strength was partially offset by a
recovery in U.S. Treasury yields.

    * Spot gold        held its ground at $1,825.66 per ounce,
as of 0046 GMT. U.S. gold futures        gained 0.6% to
    * The dollar        index moved lower for a second straight
session, having hitting a 20-year peak last week, with the
global economy in focus after weak economic data from China
highlighted worries about the prospects for a global
    * A weaker dollar makes gold more attractive for buyers
holding other currencies.
    * However, benchmark U.S. 10-year Treasury yields climbed,
limiting demand for non-interest-bearing gold.
    * Gold rose slightly on Monday as a fall in Treasury yields
lifted prices after they slid to a 3-1/2-month low earlier in
the day.
    * Spot silver        was flat at $21.59 per ounce, and
platinum        edged up 0.1% to $946.85, while palladium
fell 0.4% to $2,018.15.
    * Improving demand and lower supply will help palladium and
rhodium swing back into deficit this year and reduce platinum's
surplus, consultants Metals Focus said on Monday.

    0600   UK    Claimant Count Unem Chng  Apr
    0600   UK    ILO Unemployment Rate     Mar
    0900   EU    GDP Flash Estimate QQ/YY  Q1
    1230   US    Retail Sales MM           Apr
    1315   US    Industrial Production MM  Apr
    1700   Speech by ECB president Christine Lagarde at event
    organised by Soroptimist International - Club Darmstadt in
    Darmstadt Germany
    1800   Federal Reserve Chair Jerome Powell participates in
    conversation before the Wall Street Journal Future of
    Everything Festival

 (Reporting by Bharat Govind Gautam in Bengaluru; Editing by
Sherry Jacob-Phillips)

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