Gold edges modestly higher on falling yields while silver slips amid profit-taking

Spot gold traded near $4,653.40 an ounce, up 0.05%, as Treasury yields fell and softer U.S. data provided support. Spot silver slipped to $68.470, down 0.53%, due to profit-taking after its recent advance. The Conference Board consumer confidence index fell to 89.4 in August, with its expectations index dropping to 68.2. New home sales declined 10.5%, pushing yields lower, including the 10-year at 4.638%. Saxo’s Ole Hansen said gold’s weakness appeared “primarily driven by profit-taking.” U.S. public debt topped $40 trillion, and the Treasury doubled buyback operations for longer securities to at least $4 billion. Equities rose in North America and Europe while oil prices declined. Gold faces resistance at $4,657.73, silver at $69.59.