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Gold Crashes 3% on Rallying US Dollar, Treasurys

Gold futures are cratering to finish the volatile trading week, driven by rising bond yields and a strengthening US dollar. The precious metals could find support next week after the US government is on track to pass the Democrats’ $1.9 trillion pandemic relief package, fueling inflation concerns. But could gold prices slide below $1,700 next?

April gold futures plummeted $56.20, or 3.17%, to $1,719.20 per ounce at 16:23 GMT on Friday on the COMEX division of the New York Mercantile Exchange. The yellow metal will finish the week down nearly 4%, adding to its year-to-date slide of about 10%.

Silver, the sister commodity to gold, recorded even greater losses at the end of the trading week. May silver futures erased $1.297, or 4.69%, to $26.34 per ounce. The white metal will post a weekly drop of 4%, sending silver prices into negative territory for the year.

The most significant factor for metal commodities this week had been soaring bond yields. A boom in Treasurys is bearish for the metals market because it increases the opportunity cost of holding assets that do not offer interest or dividends.

Bonds have eased in intraday trading, with the benchmark 10-year Treasury down 0.019% to 1.496%. The one-year bill dipped 0.005% to 0.084%, while the 30-year bond slumped 0.08% to 2.29%>

A stronger greenback further weighed on gold prices on Friday. The US Dollar Index (DXY), which gauges the dollar against a basket of currencies, advanced 0.81% to 90.86, from an opening of 90.13. A stronger buck is typically bad for dollar-pegged commodities because it makes it more expensive for foreign investors to purchase.

Gold investors will be monitoring the state of the $1.9 trillion COVID-19 stimulus and relief package. Reports suggest the bill is poised to clear the House of Representatives on Friday night, although the Senate struck down the $15 minimum wage proposal.

House Speaker Nancy Pelosi (D-CA) told reporters:

House Democrats believe that the minimum wage hike is necessary.  Therefore, this provision will remain in the American Rescue Plan on the floor tomorrow.  Democrats in the House are determined to pursue every possible path in the Fight For 15.

Senate Minority Leader Mitch McConnell (R-KY) said in an interview with FOX News that a $600 billion plan is a lot more feasible.

My ten moderate Republicans went down to see the president, suggested that they could justify about $500 [billion] or $600 billion. This is $2 trillion. To put that in context, that’s what we spent at the height of the pandemic last April.

In other metal commodities, April copper futures crashed $0.1585, or 3.72%, to $4.1075 a pound. April platinum futures plunged $45.70, or 3.71%, to $1,185.80 an ounce. April palladium futures shed $101.80, or 4.22%, to $2,313.00 per ounce.

If you have any questions and comments on commodities today, use the form below to reply.

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Published under: Gold

Via Commodity News

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