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Gold slides as firmer dollar, higher Treasury yields weigh

Senin, 11 Januari 2021 / 13:36 WIB
Gold slides as firmer dollar, higher Treasury yields weigh
ILUSTRASI. Gold touching a near six-week low earlier in the session

Sumber: Reuters | Editor: Anna Suci Perwitasari

KONTAN.CO.ID - SINGAPORE. Gold eased on Monday, touching a near six-week low earlier in the session, as a stronger dollar and higher U.S. Treasury yields kept prices under pressure.

Spot gold fell as much as 1.7% to $1,816.53 per ounce, its lowest since Dec. 2, and was down 0.5% at $1,839.89 by 0553 GMT. Prices fell as much as 4.4% on Friday.

U.S. gold futures rose 0.3% to $1,839.90.

"The glory days of gold are over," said Stephen Innes, chief global market strategist at Axi.

"Higher U.S. yields are starting to have quite a negative effect on gold and the market continues to get stopped out of a lot of positions, as they weren't prepared for these moves in the U.S. dollar."

The U.S. 10-year Treasury yield held firm above 1%, helping the dollar scale a near three-week peak against rival currencies, making bullion expensive.

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Higher yields increase the opportunity cost of holding gold.

Investors also took note of Federal Reserve Vice Chair Richard Clarida's comments on Friday that the U.S. economy wa headed for an "impressive" year, helped by coronavirus vaccines and potential for larger government spending.

U.S. President-elect Joe Biden on Friday hinted at more direct pandemic relief to families after data showed the economy shed jobs for the first time in eight months in December.

Political stability in the United States is weighing on gold prices, while expectations of more stimulus and faster economic recovery are helping the dollar rebound, said Jigar Trivedi, commodities analyst at Mumbai-based broker Anand Rathi Shares.

But gold will be bought at dips as the pandemic remains largely out of control and interest rates are still very low, Trivedi added.

Silver fell 2.5% to $24.72 an ounce, after dropping as much as 4.2% earlier in the session. Platinum fell 2.4% to $1,038.98, while palladium rose 1.1% to $2,397.07.


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