2021.04.1410:15:00UTC+00Gold Slips As Yields Rebound From Three-week Low

Gold prices edged lower on Wednesday as Treasury yields rose, offsetting the dollar's weakness.

Spot gold slipped 0.1 percent to $1,742.39 per ounce while U.S. gold futures were down 0.3 percent at $1,742.50.

U.S. yields moved higher after marking a fresh three-week low on data showing a tamer-than-expected increase in U.S. underlying inflation.

Overnight data showed that U.S. consumer prices rose 0.6 percent in March after rising by 0.4 percent in February. Economists had forecast an increase of 0.5 percent.

Philadelphia Fed Bank President Patrick Harker said on Tuesday that even though the economic situation is improving, recovery is still premature, and there's no cause to withdraw support yet.

Harker added that there were no signs of inflation running out of control.

Investors will be watching Fed Chairman Jerome Powell's speech at the Economic Club of Washington due later in the day for further direction.

Vaccine news also remained in focus after the United States of America, South Africa and European Union temporarily stopped the rollout of the Johnson & Johnson Covid jab.

The Centers for Disease Control and Prevention's Advisory Committee on Immunization Practices is expected to hold an emergency meeting to discuss J&J's vaccine later today.