Gold records near 6-week low as dollar gains strength
- 11 Jan 2021
Gulf Today Report
Gold decline on Monday as dollar gains strength and US Treasury yields jumps, pressuring the non-yielding bullion.
Spot gold fell as much as 1.7% to $1,816.53 per ounce while US gold futures declined at $1, 835.60.
Stephen Innes, chief global market strategist at Axi said, " the glory days of gold are over."
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The US 10-year Treasury yield steadied above 1%, aiding the dollar to jump above rival currencies, making bullion expensive.
On Friday, US President-elect Joe Biden gave off a clue of more direct pandemic relief to families.
Silver fell 2.6% to $24.71 an ounce, after dropping as much as 4.2% earlier in the session. Platinum fell 2.7% to $1,036.14, while palladium shed 0.6% to $2,355.16.