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Gold prices stabilized today, Friday, as rising U.S. incomes and concerns about the global economic recovery from rising Covid-19 infections in Europe offset the rise in the dollar, but the yellow metal is still on track to record its first weekly decline. in three weeks.
There was little change in gold in immediate trading, settling at $ 1,727.10 an ounce (one ounce) at 07:45 GMT. And US gold futures rose 0.1% to $ 1,726.30 an ounce.
“The strength of the dollar is definitely holding gold, and at the moment Treasury yields are down a bit … technically that should be positive for gold,” said Brian Lan, Gold forum member. Silver Central.
“People just don’t budge and wait to see what happens, and capital flows will continue to return to gold as a safe haven, especially if yields fall.”
Yields on Treasuries are down from their highest level in over a year, which they reached last week. And according to a Reuters poll, the bond market is expected to experience another sell-off over the next three months, following recent turmoil in financial markets.
Higher yields on treasury bills generally increase the opportunity cost of holding the yellow metal that does not pay any return.
As for other precious metals, silver rose 0.5% to $ 25.15, consolidating above its lowest in more than two months of $ 24.39 an ounce, which it said. recorded Thursday.
Palladium gained 1.2% to $ 2,639.18 and platinum rose 0.7% to $ 1,155.27.
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