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Gold Back Above $1,800 as U.S. Treasury Yields Swoon


By Barani Krishnan

Gold returned to above $1,800 an ounce on Monday as Treasury yields fell amid a bump up in risk appetite that also ended up benefiting the yellow metal.

U.S. gold futures’ most active contract, , rose $10.50, or 0.6%, to settle at $1,806.80 per ounce on New York’s Comex.

It was the first time since mid-September that a benchmark gold futures contract on Comex had settled above the $1,800 level, which the long-gold crowd sees as key to re-entering record high territories above the $2,000 level hit in August 2020.

“Gold prices are back above $1,800 as investors worry about longer-lasting inflation and as Europe and Asia continue to battle COVID,” said Ed Moya, head of research for the Americas at online trading platform OANDA.

“Gold could face resistance at the $1,840 level, with the $1,875 level providing major resistance.”

Benchmark Treasury yields on the U.S. fell to a session low of 1.6240% after hitting a five-month peak of 1.7% last week, reducing the opportunity cost for holding non-yielding gold.



Read More : Gold Back Above $1,800 as U.S. Treasury Yields Swoon

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