Gold futures retreat as dollar and Treasury yields seen climbing

Gold futures were trading lower Tuesday morning, at risk of halting a three-session advance, as a climb in yields for government debt and a stronger dollar combined to knock the precious metal lower, in what has mostly been mostly bumpy but rangebound trading.

Monday’s gains for gold were at least partly attributed to tensions between China and Taiwan, which boosted safe-haven demand for the precious metal. Over the weekend, the U.S. said it was concerned by “provocative” actions by China after Taiwan claimed that 93 Chinese military plans flew into its air defense zone over the last three days, according to a report from BBC News.

“Gold prices rallied after US trade representative Tai threw down the gauntlet against China for not living up to their parts of the phase-one trade deal,” wrote Edward Moya, senior market analyst at Oanda Corp., in a late-Monday research note. Silver for December delivery SIZ21, -0.39% SI00, -0.39% was of 13 cents, or 0.6%, to $22.21 an ounce, following a 0.5% gain on Monday.

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