Yayınlanma: 17 Şubat 2021 14:53
Güncellenme: 5 Kasım 2024 19:31
Gold Falls Fifth Day As Bond Yield Rally Brings "Fatal Hit"
Treasury yields stabilized after efforts to keep gold at its highest level during the year and after gold announced four consecutive days of losses while trying to escape the impact of the pandemic. Progress on the coronavirus vaccine front and the slowdown in the rate of transmission create optimism on global growth. In this way, while the yield increases, the demand for interest-free ingot, which fell more than 5% last year, is gaining weight. The 50-day moving average of the bullion may have more losses on near future. Stocks of SPDR Gold, the world's largest bullion-backed exchange traded fund, fell to the lowest level since June. Edward Moya, senior market analyst at Oanda Corp, said in a recent statement that the rise in global bond yields dealt a fatal blow to gold. “Increasing returns on reflation bets leads to loosening of many safe-haven trade,” Moya said. If spot gold prices continue to decline in London this week, it is estimated that the worst price could be observed since March. In other metals, silver showed little variation, while palladium retreated with platinum, which reached its highest intraday level since Tuesday, 2014. The Bloomberg Dollar Spot Index rose 0.2 % “Rising global bond yields could cause the dollar to appreciate, which could cause gold to drop to the $ 1,750 level,” said Edward Moya.