Gold sets for gain on weak US Treasury yields, dollar
23 Apr 2021
Picture used for illustrative purpose. File
Gulf Today Report
Gold recorded little change on Friday as it gears for a third straight weekly gain following the effect of US President Joe Biden’s tax decision on US Treasury yields and dollar.
Spot gold was steady at $1,783.28 per ounce by 05:45 GMT while US gold futures rose 0.1% to $1,783.90 per ounce.
Stephen Innes, chief global market strategist at Axi said, "the knock-on effect from the tax hike (proposal) is attracting bond investors and the yields have dropped, and this is providing a little bit of lift-off for gold."