PRECIOUS-Gold prices slip as surging US Treasury yields lift dollar
May 18 (Reuters) – Gold prices edged down on Friday to near their lowest levels this year, pressured by a firm U.S. dollar amid surging U.S. Treasury yields.
Spot gold XAU= was down about 0.1 percent at $1,289.16 per ounce at 0253 GMT, after hitting its lowest since Dec. 27 in the previous session at $1,285.41.
The metal was heading for its biggest weekly decline since early-December.
U.S. gold futures GCcv1 for June delivery were 0.1-percent lower at $1,288.30 per ounce.
The dollar hovered near a five-month peak against a basket of currencies on Friday thanks to the benchmark U.S. Treasury yield US10YT=RR topping a seven-year high. USD/
“The 10-year U.S. yields put the dollar on a firm foot and put pressure on metals and gold,” said a Hong Kong-based trader, adding that some “risk-on” sentiment in markets today was also adding pressure.