Gold declines as dollar and US Treasury yields gain

SourceGulf Today
SectorFinancial Markets
CountryMiddle east

Picture used for illustrative purpose. FIle Gulf Today Report  Gold prices fell on Thursday after US Treasury yields and the dollar regained and investors wait for US President Joe Biden’s coronavirus stimulus proposal. Spot gold fell 0.1% to $1,842.51 per ounce while US gold futures slipped 0.8% to $1,839.80. According to reports, Joe Biden’s coronavirus relief aid plan expected later in the day amounts to about $2 trillion. It has pushed benchmark 10-year Treasury yields in near ten-month highs and lifted the dollar. Margaret Yang, DailyFX strategist said "fiscal stimulus will help boost economic recovery, leading to rising real interest rates as well as bring up Federal Reserve's tapering hopes; on the flip side, it'll also increase the inflation outlook."  READ MORE more...