Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold Down Over Higher Treasury Yields, Dovish Fed Comments

CommoditiesFeb 24, 2021 11:22PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Gold was down on Thursday morning in Asia, with higher U.S. Treasury yields and U.S. Federal Reserve Chairman Jerome Powell’s commitment to current ultra-easy monetary policy all putting a dent in the yellow metal’s appeal.

Gold futures inched down 0.09% at $1,796.40 by 11:23 PM ET (4:23 AM GMT). The dollar, which usually moves inversely to gold, was down on Thursday, reversing earlier gains.

Powell recommitted to getting the U.S. economy back to full employment during his testimony before the House Financial Services Committee. He also tried to calm growing fears about inflation, saying that he will only start worrying about it if prices begin to rise in a persistent and troubling way.

Benchmark U.S. Treasury yields remained near the highest levels in a year hit during the previous session.

Although Powell is the latest central banker to reiterate that his institution has no plans to cut back on money-printing or raise interest rates in the short term, investors will take a bit of convincing.

However, investors were cheered by a third COVID-19 vaccine nearing regulatory approval. The U.S. Food and Drug Administration said on Wednesday that Johnson & Johnson's (NYSE:JNJ) one-dose COVID-19 vaccine appeared safe and effective in clinical trials and could grant emergency use approval by the end of the week.

In Israel, the results from a study published and peer-reviewed in the New England Journal of Medicine on Wednesday showed that two doses of the Pfizer Inc (NYSE:PFE)/BioNTech SE COVID-19 vaccine cut symptomatic COVID-19 cases by 94% across all age groups, and severe illnesses by nearly as much.

Other precious metals also saw drops, with silver slipping 0.7%, platinum falling 1.1% and palladium easing 0.1%.

Gold Down Over Higher Treasury Yields, Dovish Fed Comments
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
imam bux
imam bux Feb 25, 2021 1:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
how much down gold
Shahid Aman
Shahid Aman Feb 25, 2021 12:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
gold is down to 1760 agian
Jenan Alkilany
Jenan Alkilany Feb 25, 2021 12:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes, but according to studies should come up
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email