9.9 C
New York
Wednesday, April 14, 2021

Gold holds near 9-month low as yields, dollar gain further

Must read

Goldman Sachs profit soars on global deals frenzy, trading boom

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on...

J&J investor calls on shareholders to reject CEO Gorsky’s pay

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. Alex Gorsky, Chairman and CEO of Johnson & Johnson, celebrates the 75th anniversary of...

Crypto DEX MakiSwap Raises $1.4M From Leading Investors

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) Crypto DEX MakiSwap Raises $1.4M From Leading Investors MakiSwap has raised $1.4 million in private and seed funding. The...

“Increase Ethereum’s base reward to at least 128”, Smart Billions’ CTO says

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) The Ethereum blockchain and the cost of gas have become a cause of concern for developers and...
Gold fell to its lowest in nine months on Friday after better-than-expected US employment data bolstered the

dollar

and US Treasury yields, putting bullion on course for its third straight weekly decline.

Spot gold was down 0.1% at $1,695.22 by 11:50 a.m. ET (1650 GMT), after falling to its lowest since June 8 at $1,686.40 in the session. It has fallen nearly 2% this week.

US gold futures slipped 0.4% to $1,693.10.

“This optimism in regards to the economy moving forward continues to drive bond yields higher and that certainly has been taking the wind out of the sails of many commodity markets, including gold,” said David Meger, director of metals trading at High Ridge Futures.

Data showed US jobs increased more than expected in February, raising hopes around a quick economic rebound driven by massive fiscal stimulus and vaccination drives.

The strong economic data lifted benchmark 10-year Treasury yields to their highest since February 2020, while the dollar

also jumped.

US Federal Reserve Chair Jerome Powell on Thursday repeated his pledge to keep credit loose and flowing until Americans are back at work.

However, his comments disappointed gold investors who expected him to act on the recent surge in the US 10-year Treasury yield, which has sent bullion below $1,700 per ounce.

“The gold market is giving back the pandemic gains. The drop below $1,700/oz leaves the market looking fragile,” HSBC analysts said in a note.

“Powell’s comments – while not new – have extinguished for the moment any possibility that the Fed will act on rising yields further out the curve. Further yield gains could throw gold and the other precious metals lower.”

Silver dropped 1.6% to $24.90 an ounce and was down nearly 6% on the week, its biggest weekly percentage fall since late November.

Palladium was up 0.2% at $2,344.64, while platinum fell 1% to $1,114.72.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

- Advertisement -

Latest article

Goldman Sachs profit soars on global deals frenzy, trading boom

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on...

J&J investor calls on shareholders to reject CEO Gorsky’s pay

Stock Markets7 minutes ago (Apr 14, 2021 09:35AM ET) (C) Reuters. Alex Gorsky, Chairman and CEO of Johnson & Johnson, celebrates the 75th anniversary of...

Crypto DEX MakiSwap Raises $1.4M From Leading Investors

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) Crypto DEX MakiSwap Raises $1.4M From Leading Investors MakiSwap has raised $1.4 million in private and seed funding. The...

“Increase Ethereum’s base reward to at least 128”, Smart Billions’ CTO says

Cryptocurrency12 minutes ago (Apr 14, 2021 09:30AM ET) The Ethereum blockchain and the cost of gas have become a cause of concern for developers and...

Elderly show similar antibody response to 1st dose of Astra, Pfizer COVID-19 shots -UK study

Coronavirus12 minutes ago (Apr 14, 2021 09:30AM ET) 2/2 (C) Reuters. COVID-19 vaccination at Newmarket Racecourse 2/2 By Kate Kelland LONDON (Reuters) - The first study to directly...