Gold Slips on Higher Treasurys, Poised for 1% Weekly Gain
Gold futures are sliding on Friday, but they are on track for a weekly gain of at least 1%, driven mostly by inflation fears. The yellow metal slumped on rising Treasury yields and a strengthening US dollar. Gold prices have had a disappointing start to 2021, unable to maintain the momentum from most of last year.
April gold futures tumbled $5.20, or 0.3%, to $1,717.40 per ounce at 16:28 GMT on Friday on the COMEX division of the New York Mercantile Exchange. While gold has logged some impressive
Silver, the sister commodity to gold, fell below $26 to finish the trading week. May silver futures shed $0.353, or 1.35%, to $25.84 an ounce. The white metal will post a weekly gain of 2.2%, paring its 2021 drop to below 3%.
Two main factors are driving the metals market to end the trading week.
The US bond market rebounded from Thursday’s lackluster performance. The benchmark 10-year Treasury, which has generated quite the buzz in the broader financial markets this month, climbed 0.106% to 1.633%. The
Rising interest rates are bearish for
The US Dollar Index (DXY) also recover from Wednesday’s loss, advancing 0.25% to 91.64, from an opening of 91.43. The DXY will post a weekly decline of 0.36%, but the index is up nearly 2%
Market analysts say that physical demand remains impressive in North America, Europe, and Asia amid supply chain difficulties and higher premiums. For now, demand for
In the medium- and
In other metal markets, April copper futures slid $0.0065, or 0.16%, to $4.1325 per pound. April platinum futures shed $2.70, or 0.22%, to $1,199.60 per ounce. April palladium futures picked up $19.40, or 0.83%, to $2,361.00 an ounce.
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Published under: Gold
Labels: NASDAQ, United States
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