Gold nears $1,800 for the first time in 4 weeks

2021-10-14 10:02:15 GMT (Economies.com)
Gold nears $1,800 for the first time in 4 weeks

Gold prices rose on Thursday, extending gains for the third straight day, and hit a 4-week high while near breaking the $1800 barrier, following a drop in the US T-bond yields after the US Fed meeting minutes.

 

Gold prices rose 0.3% to the highest since last September 15 at $1,797.49 an ounce, after opening at $1,792.66, and hit a high of $1,786.58.

 

Gold closed higher by 1.9% yesterday, the largest daily gain since March 9, thanks to strong demand.

 

The 10-year US Treasury yield fell 0.5% today, deepening losses for the third straight day, and pulled back further from a 4-month high of 1.636%, which lifts demand for gold.

 

The Federal Reserve's meeting minutes showed that the US central bank would start cutting its bond-buying program by mid-November, but monetary policy makers remained divided over the high inflation and the extent of the need for an interest rate hike.

 

Gold stocks at the SPDR ETF fell 2.33 metric tonnes yesterday, with the total at the lowest level since April 3, 2020 of 982.72 metric tonnes.

 
 
 
  Symbol Last Change Chg.%
1.1599
-0.0013
0.1085%
1.3738
-0.0031
0.2222%
Tadawul
11807.79
-43.89
0.37%
24.082
-0.394
1.610%
82.117
-2.810
3.309%
84.24
-2.16
2.50%
1797.850
-6.195
0.343%
 
 
Live Forex Updates