CUR - Gold dips below $1700 to end near nine-month low

Gold futures settled at their lowest level in nearly nine months, as U.S. Treasury yields resumed their rise and the dollar firmed.April Comex gold (XAUUSD:CUR) closed -1% to $1,715.80/oz., the lowest for a most-active contract since June 8, after briefly dipping below $1,700."As yields continue to rise, so do the opportunity costs of holding non-interest-bearing assets like gold," ThinkMarkets analyst Fawad Razaqzada tells MarketWatch. "The precious metal needs yields to start dropping back or the dollar to weaken sharply for it to find some support."UBS analysts say gold could score a short-term bounce but the long-term outlook is more gloomy amid a backdrop of rising yields and expectations that further U.S. fiscal stimulus will boost the economy and inflation.For that reason, UBS lowers its gold forecasts by $150/oz., bringing end-June to $1,750/oz., end-September to $1,700, and end-December and end-March 2022 to $1,650.ETFs: [[GLD]], [[GDX]], [[GDXJ]], [[NUGT]], [[IAU]], [[JNUG]], [[GGN]], [[PHYS]],

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Gold dips below $1,700 to end near nine-month low