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Gold consolidates above $1,800 as US bond yields weaken


Gold consolidates above $1,800 as US bond yields weaken

Gold prices rose on Thursday, for the second straight day, and steadied above the $1,800 barrier, after the latest developments in the US bond market, as the 10-year Treasury bonds fell 2-week low.

 

Gold prices rose 0.4% to $1,804.14 an ounce, after opening at $1,796.82, and hit a high of $1,794.10.

 

Gold closed higher by 0.2% yesterday, after profit-taking from a 6-week high at $1,813.94 resumed.

 

The 10-year US Treasury yield fell 0.5% today, deepening losses for the fifth straight day, near a 2-week low of 1.520%, which reduces the opportunity cost of holding non-yielding bullion.

 

This came after a drop in most global energy prices “oil, natural gas and coal”, which lowers inflationary pressures on the US Federal Reserve monetary policy makers.

 

The World Gold Council said that demand for gold fell fell in the third quarter to its lowest since the last quarter of 2020.

 

Gold stocks at the SPDR ETF rose 3.2 metric tonnes, with the total at the highest level since October 8 at 983.01 mt.





Read More : Gold consolidates above $1,800 as US bond yields weaken

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