Gold Falls After Two Weekly Gains as Traders Await Bond Auctions
- Fed’s Barkin says no sign yet of unwanted inflation pressures
- Powell, Yellen due to appear before House panel on Tuesday
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Gold declined amid concern that Treasury yields may rise further as investors brace for key U.S. bond auctions.
The drop comes after the precious metal posted two weekly increases that brought hope to bulls that this year’s selloff was easing. Gold is down more than 8% this year amid pressure from rising bond rates, which make non-interest-bearing bullion less attractive.