Gold slid on renewed strength in the U.S. dollar, after a rally triggered by the Bank of England’s decision to unveil a bond-buying program to boost UK bonds.
The metal fell as much as 1.1 per cent on Thursday, with higher Treasury yields adding to the pressure. Bullion has suffered in the past two weeks as the greenback strengthened to record levels, hitting its lowest level in more than two years earlier in the week.
Sentiment for the bullion market remains bearish as the Federal Reserve signals it will keeping increasing rates, with holdings in gold-backed exchange-traded funds slumping to the lowest since May 2020. Inflation-adjusted Treasury yields, a crucial driver for bulllion prices, are near the highest in a decade.
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