Gold consolidates above 2-week low as US bond yields bounce

Economies.com
2021-09-08 09:39AM UTC

Gold prices rose on Tuesday, within recovery from a 2-week low, to head for the first gain in 3 days, after the latest developments in the US bond market. 

 

Gold prices rose 0.4% to $1,801.20 an ounce, after opening at $1,794.39, and hit a high at $1,794.18.

 

Gold closed lower by 1.6% yesterday, and hit its 2-week low of $1,792.43 an ounce.

 

This came after the long-term US Treasury bond yields soared, which lowers the precious metal attractiveness to investors.

 

The US 10-year Treasury bonds rose on Tuesday by 3.5%, the third straight daily rise, and hit nearly a 2-month high at 1.385%, after the strong US wages growth during August renewed concerns about inflationary pressures on the Fed.

 

The 10-year Treasury bonds fell by 2.0% today, and gave up the 2-month high, which lifts gold prices and other non-returning assets.

 

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the lowest level since April 9, 2020 at 998.52 metric tonnes.

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