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Gold: New Highs Before Year-End?

ByAntonio Ferlito
Published 04/20/2021, 06:38 AM
Updated 03/27/2024, 08:10 AM

Global shares edged further back from record highs on Tuesday as lofty sovereign bond yields and rising global COVID-19 cases had investors questioning high equity valuations.

Europe's STOXX 600 was 0.6% weaker, with major indexes in Frankfurt, Paris and London all negative.

E-mini futures for the S&P 500 rose 0.2%, pointing to an equity recovery in the United States after major Wall Street indexes on Monday drew back from record highs hit list week, dragged by shares of Tesla (NASDAQ:TSLA).

The yield on benchmark 10-year Treasury note rose to 1.6227%, up from its US close of 1.599%, and at similar levels reached on Thursday, but below their March spikes. 

The latest data from the United States has pointed to a robust recovery from the pandemic. US homebuilding surged to nearly a 15-year high in March, according to data released on Friday.

In currency markets, the dollar continued its recent weakness. The dollar index was down 0.1% at 90.952, having hit a low of 90.877 during Asian trading.

The euro was up 0.3% at $1.2065, its highest in nearly seven weeks.

The risk friendly Aussie rose as much as 0.6% against the greenback to reach a one-month high, partly due to upbeat remarks from Australian central bank.

The weak dollar helped push up commodity prices. US crude and Brent both gained more than 1%, with the former at $64.04 barrel, and the latter at $67.90 barrel. Three-month London copper traded just shy of its highest level since August 2011. Spot gold rose 0.1% to $1,769 per ounce.

Source: Reuters

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