Commodities
Gold Retreats After Scaling Two-Month Peak on US Treasury Move
Gold prices retreated on Thursday after scaling over a two-month peak following a surprise US Treasury announcement to provide liquidity support for long-duration bonds. The move weakened the dollar and pushed Treasury yields lower.
The precious metal had earlier climbed to its highest level since June 2, but booked profits as investors took advantage of the increased value.
Spot gold was down 0.1% at $4,516.19 an ounce after slipping as low as $4,450.08, according to Reuters.