Gold prices slip as US yields, dollar gain
- Date: 30-Mar-2021
- Source: Gulf Today
- Sector:Financial Markets
- Country:Middle East
Gold prices slip as US yields, dollar gain
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Gulf Today Report
Gold prices fell on Tuesday following firmness in US dollar and Treasury yields on hope for swift economic growth.
Spot gold was down 0.3% at $1,706.43 per ounce by 05:25 GMT while US gold futures were down 0.4% at $1,707.30 per ounce.
Gold serves as a safe haven in times of economic turmoil. However, it is sensitive to rising yields because they raise the opportunity cost of holding non-yielding gold.
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According to Margaret Yang, a strategist at DailyFX this decline in gold prices, "can be attributed to reflation hopes as this infrastructure plan will not only inject liquidity into the market, it'll actually pump money into the real economy ... therefore,
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