Gold dives near 9-month low on rising US bond yields

Economies.com
2021-03-03 11:33AM UTC

Gold prices fell on Wednesday, to dive near a 9-month low once again, due to rising US dollar and the high yield of the US 10-year Treasury bonds.

 

Gold prices fell 0.8% to $1,724.05 an ounce, after opening at $1,738.29, and hit a day high at $1,740.55.

 

The yellow metal closed higher by 0.8% yesterday, in its first gain out of 6 days, after hitting a 9-month low at $1,707.39/ounce.

 

The dollar index rose more than 0.1% today, to resume its rally after taking a pause yesterday due to profit-taking from a 4-week high of 91.39 points.

 

The greenback is being lifted by investors' risk aversion amid renewed concerns about the US bond market.

 

The yield of the US 10-year Treasury rose over 4% and reached 1.457% today, rising near its 1-year high of 1.563%, after falling yesterday by 2.0%.

 

This surge in the US Treasury bond yields led investors to shun riskier assets, amid rising bets the US Fed would scale back monetary policy easing programs to counter the rising inflation.

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