Gold eased on Friday to stay on track for its first monthly loss this year, as hints from leading central banks that the era of easy money may be coming to a close pushed bond yields higher, hurting the non-interest bearing metal.
While it is still up nearly 8 % in the first half, gold has stalled in the second quarter after a strong start to the year, and is little changed from where it ended in March.
Spot gold was down 0.3 % at $1,241.41 an ounce by 2:34 p.m. EDT (1834 GMT), while U.S. gold futures for August delivery settled down 0.3 percent at $1,242.30.The futures market will trade an abbreviated session on Tuesday for the U.S. Independence Day holiday.
Spot prices have fallen around 2 % so far in June, and are on track to fall 0.6 percent in the second quarter.
U.S. Treasury yields rose for a fourth straight day as inflation data was not seen as weak enough to delay the Federal Reserve’s expected path on interest rate hikes.