Gold prices fall below $1900

Gold prices declined on Wednesday to below $1,900 on elevated US Treasury yields and an uptick in risk appetite weighed on the safe haven metal.

US Fed Reserve governor Lael Brainard stated that there has been a notable move-up in inflation. However, the rate is anticipated to slow down as economy recovers and business returns to normal.

All eyes are also on the US jobs report due to be released on June 4, 2021, amid expectations that the economy added 674,000 jobs in May.

Spot gold was marginally down by 0.1% at $1,897.78 per ounce, and gold futures contracts for August fell by 0.3% at $1898.50 per ounce by 09:50am Makkah time.

Elsewhere, silver dropped 0.1% to $27.82 per ounce, palladium fell 0.1% to $2,859.50 and platinum dropped 0.7% to $1,187.44.

The US dollar index - which measures the performance of the US currency against a basket of six currencies - rose by 0.2% at 89.984 points.