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Home Markets Commodities

Gold post first weekly gains in four amid soaring U.S Treasury yields

Olumide Adesina by Olumide Adesina
March 14, 2021
in Commodities, Market Views, Markets
ETF, stocks, shares, investment, equity,Gold loses some shine on hopes for COVID-19 vaccines
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The precious metal recorded its first weekly profit in four jumping from under $1,700 an ounce, despite a 13-month surge in U.S. bond yields and a soaring U.S dollar that should have tamed the yellow metal’s upside.

Gold futures prices settled at 0.2% higher, to close at $1,719.80 an ounce after plunging earlier to $1,696.65 an ounce.

For the week, the precious metal’s contract surged by 1.3%. It was the first positive week for the yellow metal after three prior weeks of losses that left buyers of the precious metal 8% poorer.

READ: Gold’s appeal up thanks to a weaker U.S dollar

Market pundits are however surprised at gold’s sudden turn around amid fired-up U.S yields benchmarked rallying to 1.64%, their highest since 13 months ago.

Stephen Innes, Chief Global Market Strategist at Axi in an email sent to Nairametrics spoke on the macros affecting gold prices arbitrarily;

“The gold price may have found a floor here and will be comfortable for a bit. But if US yields start to break new ground or the FOMC surprises by hinting at taper (25 % chance), it could be lights out above $1700.

“If you don’t think the US economy will surge and 10-year yields won’t rise to 1.85-2.25% as predicted by Wall street, certainly buy gold and lots of it. But really, you are swimming against the current on this one, I’m afraid.”

READ: Crypto robber behind over $200 million theft, found

Bottom-line: Market sentiments suggest that the yellow metal price may have found a floor thus it could be comfortable in the $1700s range, at least for the near term as physical demand remains stout

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Tags: Business NewsChief Global Market StrategistGoldStephen InnesU.S. dollarU.S. Treasury yields

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