NEW YORK: Gold prices rose in choppy trade on Thursday, as a bounce of US Treasury prices and a faded dollar rally prompted investors to switch their focus back to sovereign debt risks and underlying economic uncertainty.
Gold right now is still the place for safe haven," he added. Spot gold rose 0.2 percent to $1,384.75 an ounce at 3:47 p.m. EST (2047 GMT). US February gold futures settled $9.60 higher at $1,392.80 an ounce. Spot silver rallied 0.6 percent to $28.49 an ounce, after declining to a one-week low of $27.96 Wednesday. It hit a 30-year high at $30.68 an ounce Tuesday.
Benchmark Treasury yields fell from a six-month high, retracing a portion of a dramatic sell-off earlier this week after strong demand, particularly from foreign buyers, in an auction of 30-year bonds.
The dollar also erased initial gains as Treasury yields fell. The combined effect of rising US bond yields and a dollar rise prompted profit-taking in gold and commodities in the past two days. Gold hit record $1,430.95 Tuesday.
– Reuters
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