Gold holds above $1,700/barrier ahead of Jerome Powell's statements

Economies.com
2021-03-04 11:32AM UTC

Gold prices rose on Thursday, to consolidate above the $1,700/ounce psychological threshold, within recovery from a 9-month low, after a drop in the yield of US 10-year Treasury bonds, ahead of the Federal Reserve Chairman's statements later today.

 

Gold prices rose 0.6% to $1,721.29 an ounce, after opening at $1,710.37, and hit a day low at $1,706.37.

 

The yellow metal closed lower by 1.6% yesterday, and hit 9-month low at $1,702.02 the high yield of US 10-year Treasury bonds.

 

The yield of the US 10-year Treasury fell 2.5% to 1.45% today, but it remains near a 1-year high of 1.563%..

 

At 17:05 GMT, Investors are anticipating Federal Reserve Chairman Jerome Powell's  remarks about the US economy at an online event later today.

 

Gold stocks at the SPDR ETF fell 4.74 metric tonnes yesterday, with the total at the lowest level since May 8, 2020 at 1,082.38 metric tonnes.

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