PRECIOUS-Gold slips off near 7-week peak as U.S. yields gain ground - Reuters

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    * Citi raises palladium 0-3 month forecast to $3,200/oz
    * Dollar index hits six-week low 

    By Eileen Soreng
    April 19 (Reuters) - Gold prices eased off a more than
seven-week peak on Monday as U.S. Treasury yields ticked higher,
weighing on non-yielding bullion's appeal and countering support
from a weaker dollar. 
    Spot gold        dipped 0.2% to $1,773.30 per ounce by 10:43
a.m. EDT (1443 GMT), having earlier touched its highest since
Feb. 25 at $1,789.77. 
    U.S. gold futures        fell 0.4% to $1,772.40 per ounce.
    Looking ahead, "we're still probably going to see gradual
rise in U.S. interest rates along with gradual steepening of the
yield curve and that should take some steam out of gold," said
Daniel Ghali, TD Securities commodity strategist.
    The benchmark 10-year yield             rose above 1.6%
after hitting a multiweek low last week. 
    Bullion has dropped 6% so far this year, mostly pressured by
surging U.S. yields.
    But capping gold's declines was a weaker dollar       ,
which earlier fell to a more than six-week low against rivals.
      
    Chinese and Indian demand has started to rise again along
with central bank purchases, which are likely to offset
institutional outflows from gold, keeping gold prices
range-bound in the near term, Ghali added.                      
    China, the world's biggest gold consumer, has given domestic
and international banks permission to import large amounts of
gold into the country, five sources familiar with the matter
said.             
    Among other precious metals, silver        fell 0.5% to
$25.83 per ounce. Platinum        gained 0.4% to $1,207.61. 
    Palladium        rose 1.6% to $2,823.13 per ounce, climbing
to a peak since February 2020 of $2,845.50. 
    "Palladium is set to continue to move higher owing to a
recovery in automotive output, the increasing probability of
rhodium to palladium substitution, and ongoing supply
disruptions," Citi research said in a note raising its 0-3 month
point price forecast to $3,200 per ounce from $3,000. 

 (Reporting by Eileen Soreng in Bengaluru; editing by Jonathan
Oatis)
  

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