Gold Up Despite a Rise in U.S. Treasury Yields

By Zhang Mengying – Gold was down on Tuesday morning in Asia despite a rise in U.S. Treasury yields and a strengthening dollar.

inched down 0.56% to $1,811.55 by 11:41 PM ET (3:41 AM GMT). The , which normally moves inversely to gold, inched up on Wednesday morning.

pushed past 2.95% after reopening from a holiday.

U.S. President Joe Biden may announce a rollback of some U.S. tariffs on Chinese consumer goods this week to counter inflation. Biden administration could also unveil a probe into industrial subsidies, which might lead to more duties in strategic areas like technology.

In Asia Pacific, China’s services activity grew at the fastest rate in June in almost a year as COVID curbs eased and demand revived. China Caixin rose to 54.5 in June.

Ukrainian President Volodymyr Zelenskiy said that his armed forces were undeterred in their efforts to “break” Moscow’s will to pursue a nearly five-month war on Monday, while Russia’s Vladimir Putin hailed his military’s victory in the grueling battle of Luhansk.

Investors now are also monitoring , which is due later in the day.

In other precious metals, jumped 1.77%. fell 0.47% while inched up 0.03%.

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