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2021-04-06 15:38

IndustryGold hits more than one-week peak as dollar and yields slip
Gold prices climbed to their highest in more than a week on Tuesday as a weaker dollar and a drop in U.S. bond yields boosted demand for the metal. Spot gold was up 0.1% at $1,730.46 an ounce by 0703 GMT after touching its highest since March 25 at $1,737.35. U.S. gold futures rose 0.1% to $1,731.10. "The strong U.S. economic data have eased concerns and have softened the dollar as a safe-haven asset, and gold is being supported because of that," said Michael McCarthy, chief market strategist at CMC Markets. The dollar slumped to an almost two-week low against a basket of rival currencies, making gold cheaper for buyers outside the United States. Benchmark U.S. Treasury yields slipped, moving further away from a 14-month peak hit last week, reducing the opportunity cost of holding non-yielding gold. Better than expected recent economic readings out of the United States, meanwhile, have lifted hopes of swift recovery and drove investors towards riskier assets.
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Gold hits more than one-week peak as dollar and yields slip
India | 2021-04-06 15:38
Gold prices climbed to their highest in more than a week on Tuesday as a weaker dollar and a drop in U.S. bond yields boosted demand for the metal. Spot gold was up 0.1% at $1,730.46 an ounce by 0703 GMT after touching its highest since March 25 at $1,737.35. U.S. gold futures rose 0.1% to $1,731.10. "The strong U.S. economic data have eased concerns and have softened the dollar as a safe-haven asset, and gold is being supported because of that," said Michael McCarthy, chief market strategist at CMC Markets. The dollar slumped to an almost two-week low against a basket of rival currencies, making gold cheaper for buyers outside the United States. Benchmark U.S. Treasury yields slipped, moving further away from a 14-month peak hit last week, reducing the opportunity cost of holding non-yielding gold. Better than expected recent economic readings out of the United States, meanwhile, have lifted hopes of swift recovery and drove investors towards riskier assets.
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