Gold jumps to 2-week high as dollar falters

Gold prices rose on Tuesday, and hit a 2-week high after pausing yesterday, as the US dollar fell against a basket of its peers.

Gold prices rose 0.6% to the highest since March 25 at $1,738.99 an ounce, after opening at $1,728.54, and hit a low of $1,727.19.

Gold closed flat yesterday, after posting strong gains during the past two days.

The dollar index fell 0.1%, deepening its losses for the second straight day and hit a 2-week low at 92.53 points.

The US 10-year Treasury yield fell 1.3% today to 1.683%, after Dow Jones and S&P futures jumped near their all-time highs ahead of Wall Street opening.

US Treasury Secretary Janet Yellen said on Monday that she is working with G20 nations to agree to a global minimum corporate tax rate.

US President Joe Biden defended his proposal to increase corporate taxes to help finance his infrastructure spending plans, adding that this increase would not harm the economy or push companies out of the US market.

Federal Reserve Bank of Cleveland President Loretta Mester said that the Fed should adhere to its fiscal policy to help support growth.

Gold stocks at the SPDR ETF remained unchanged yesterday, with a total of 1,032.83 metric tonnes.