Gold slips as rising Treasury yields bolster dollar

U.S. 10-yr Treasury yields hit highest since January 2019
Palladium extends gains to scale more than two-week high

April 11 (Reuters) – Gold prices slipped in range-bound trading on Monday as surging Treasury yields boosted the dollar and countered fresh concerns about the war in Ukraine, while palladium extended gains fuelled by London’s decision to block trading of the metal from Russia.

Spot gold was down 0.2% at $1,941.95 per ounce, as of 0452 GMT, after hitting a more than one-week high of $1,949.32 earlier in the day. U.S. gold futures were flat at $1,945.70.

“Gold is still trading sideways and that reflects the conflicting currents that we’re looking at. There’s still real concern about the geopolitical outlook and the potential for escalation in Ukraine,” said Michael McCarthy, chief strategy officer at Tiger Brokers, Australia.

“At the same time, a stronger U.S. dollar…