Commodities
Gold Slips as Israel’s Limited Strike Pressures Haven Demand
- Bullion rallied to a record above $2,758 an ounce last week
- Money managers raised net-long positions in the precious metal
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Gold fell from near record highs after Israel’s retaliatory strikes on Iran were more restrained than many expected, easing geopolitical risks that stoke demand for the haven asset.
Israel’s long-awaited assault on Iran avoided hitting the country’s oil facilities, easing perceived risks and thereby pressuring demand for gold. US 10-year Treasury yields rose, a move that’s often seen as bearish for gold, which doesn’t pay interest.