April 6 (Reuters) - Gold prices rose on Tuesday, as a weaker
dollar made bullion cheaper and more attractive for buyers
outside the United States, while a pull-back in U.S. Treasury
yields provided further support.
FUNDAMENTALS
* Spot gold was up 0.3% at $1,733.31 per ounce, as of
0117 GMT. Gold futures were up 0.4% at $1,735.10 per
ounce.
* The dollar slumped to an almost two-week low versus a
basket of rival currencies, while U.S. Treasury yields also fell
as investors paused recent selling of government bonds.
* Weaker Treasury yields translate into a lower opportunity
cost for holding bullion, which pays no return.
* But, data showing that a measure of U.S. services industry
activity surged to a record high in March dimmed gold's
safe-haven appeal.
* The data put Asian equities on track to rise after the S&P
500 and Dow indexes set records, taking some shine off the
yellow metal.
* U.S. Treasury Secretary Janet Yellen said on Monday that
she is working with G20 countries to agree on a global corporate
minimum tax rate.
* U.S. President Joe Biden on Monday defended his proposal
to raise corporate taxes to help pay for his infrastructure
spending plans, saying he was not worried the hike would harm
the economy and that there was no evidence it would drive
business abroad.
* The Federal Reserve should stick to its easy monetary
policy to help support growth further, Cleveland Federal Reserve
Bank President Loretta Mester said on Monday.
* Shares of Barrick Gold rose on Tuesday
after the miner said Papua New Guinea Prime Minister James
Marape announced an imminent agreement to reopen the disputed
Porgera gold mine a year after it was shut.
* Silver rose 0.3% to $24.96, while palladium
was down 0.3% at $2,657.66 per ounce. Platinum edged up
0.1% to $1,209.76 per ounce.
DATA/EVENTS (GMT)
0145 China Caixin Services PMI March
0430 Australia RBA Cash Rate April
0900 EU Unemployment Rate Feb
(Reporting by Diptendu Lahiri in Bengaluru, Editing by Sherry
Jacob-Phillips)
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