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Update: Gold Moves Lower as Treasury Yields Rise

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(Updates prices in the second and final paragraphs.)

Gold traded lower midafternoon Friday as treasury yields rose.

Gold for August delivery was last seen down $27.30, or 0.7%, to $4,113.50 per ounce.

The price of the metal has hovered above the $4,000 mark for the past two weeks, staying well under its Jan. 29 record high of $5,354.90 as the high oil prices that followed the US war on Iran boost inflation, raising concerns central banks will need to lift interest rates.

"Precious metals remain weighed down by renewed US rate-hike fears but are finding support from signs of demand returning following a month-long capitulation and correction phase," Saxo Bank noted,

The dollar was steady, with the ICE dollar index last seen little changed at 100.69. Treasury yields rose, with the yield on the US two-year note last up 2.7 basis points to 4.218%, while the 10-year note was paying 4.57%, up 1.2 points

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