Gold gives up its gains for this reason

Gold prices erased their early gains today, as hopes for a faster economic recovery were supported by better than expected Chinese industrial production data, and pressure continued on the metal due to high US bond yields.

There was little change in the price of gold in the spot market at $ 1724.68 an ounce by 0644 GMT, after it had previously increased 0.4%.

Also, gold futures contracts in the United States increased 0.2% to $ 1722.50.

The US dollar rose in support of the increase in US Treasury bond yields to a peak of more than a year, with continued optimism about the US economy after the signing of a stimulus package worth 1.9 trillion dollars.

The encouraging growth data also limited the appeal of the safe-haven metal, as industrial production data in China showed that growth accelerated in January and February, exceeding expectations.

As for the other precious metals, silver fell 0.1% to $ 25.89.

Albiladboom fell 0.9% to $ 2,351.28, while platinum fell 0.2% to $ 1,202.62.

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