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Gold pares gains

FXStreet (Mumbai) - Gold prices have erased early morning gains, tracking a recovery in the US treasury yields.

Gold traded 0.02% lower at USD 1185.40/Oz levels at the time of writing, after having declined from the day’s high of USD 1193.60/Oz levels. Meanwhile, the US ten-year treasury yield recovered to 2.306% from the day’s low of 2.282%. The two-year yield also recovered from the day’s low of 0.496% to trade at 0.508%. Moreover, the recovery in the US Treasury yields has pulled up the US Dollar index, which now trades largely unchanged at 87.62 levels. Thus, the yellow metal erased gains, although a weak Japanese GDP data released earlier today is likely to provide support to the prices.

Gold Technical Levels

Gold has an immediate support located at 1179, under which prices can fall to 1172.50. On the flip side, the metal may rise to 1206 levels, if the immediate resistance at 1193.60 is breached.

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