Gold hovers near early-June high on lower bond yields

FUNDAMENTALS

Spot gold was little changed at $4,512.19 per ounce, as of 0031 GMT, after hitting its highest level since June 2 at $4,525.79 earlier in the day. Prices jumped more than 4% on Wednesday.U.S. gold futures for December delivery rose 0.6% to $4,569.80.

Yields on long-dated U.S. Treasuries fell, with the increased demand following an announcement that the Treasury Department would double the size of liquidity support buyback operations for longer-dated notes and bonds. [US/]

The U.S. dollar remained subdued, making greenback-priced metals less expensive for buyers holding other currencies. [USD/]

Gold is considered a safe investment during geopolitical and economic turmoil, while higher interest rates reduce its appeal as it yields no interest.

Among other metals, spot silver gained 0.2% to $67.06 per ounce. Platinum fell 0.4% to $1,816.78, while palladium rose 0.3% to $1,339.05.

DATA/EVENTS (GMT)

0100 China Loan Prime Rate 1Y, 5Y Aug1230 US Initial Jobless Clm 15 Aug, w/e

1230 US Philly Fed Business Indx Aug

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