Gold prices stabilized yesterday, as the rise in US revenues and concerns about the global economic recovery, following the rise in “Covid-19” infections across Europe, balanced the rise of the dollar, but the yellow metal is still on the path of recording its first weekly decline in three weeks.
There was little change in gold in immediate trading, to settle at $ 1727.10 an ounce (an ounce) by 07:45 GMT. And US gold futures rose 0.1% to 1726.30 dollars an ounce.
Brian Lan, managing director at Gold Silver Central, said: “The strength of the dollar is definitely holding back gold, and at the present time the Treasury yields have decreased a little. This should be technically positive for gold.”
He added, “People simply do not move and wait to see what will happen, and capital flows will continue to return to gold as a safe-haven asset, especially if returns decline.”
Treasury yields are down from their highest level in more than a year, which they reached last week. According to a survey, the bond market is likely to be subjected to further selling in the next three months, following the recent turmoil in financial markets.
The higher yields on Treasury bonds in general increase the opportunity cost of holding the yellow metal that yields no return. As for the other precious metals, silver rose 0.5% to $ 25.15, to consolidate above its lowest level in more than two months, amounting to $ 24.39 an ounce, which it recorded the day before yesterday.
Palladium gained 1.2% and rose to $ 2,639.18, and platinum rose 0.7% to $ 1155.27.
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