Corona and US Treasury bonds give gold a boost

  •  Time: 05/03/2021 10:07:41 
  •  Read: 2,132 times 
Corona and US Treasury bonds give gold a boost

{Economic: The Euphrates News} Gold prices rose today, Monday, as they support the demand for the metal thanks to the decline in US Treasury bond yields and concerns about the increasing cases of Covid-19 in some countries. 

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By 04:18 GMT, spot gold gained 0.3 percent, to record $ 1773.90 an ounce. Trading volume in Asia was low due to a holiday in China and Japan. US gold futures rose 0.4 percent to $ 1773.90 an ounce. 

“The pandemic situation in Japan and India remains a major concern among participants in market operations, and thus this increases demand for safe haven assets such as gold,” said Margaret Yang, analyst at DailyFX, adding that the decline in US Treasury yields has advanced. More support. 

And the US Treasury yields fell record 10-year, after reaching their highest levels in nearly two weeks last week. Lower bond yields reduce the opportunity cost of holding no-return gold. 

As for other precious metals, palladium rose 0.6 percent to $ 2,953.19 an ounce after hitting an all-time high of $ 3,007.73 an ounce on Friday due to supply concerns. 

Silver increased 0.3 percent to $ 25.97 an ounce. Platinum rose 0.5 percent to $ 1,204.63. 

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