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Gold Up, Boosted by Treasury Yields’ Retreat

CommoditiesFeb 22, 2021 11:58PM ET
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© Reuters.

By Gina Lee

Investing.com – Gold was up on Tuesday morning in Asia, staying near a one-week high as U.S. Treasury yields retreated.

Gold futures were up 0.66% at $1,671.75 by 11:54 PM ET (4:55 AM GMT), after gaining 0.15% overnight. The dollar was down on Tuesday, continuing Monday’s retreat as investors focused on the rollout of COVID-19 vaccines and kept up hope of a quick economic recovery.

The world marked the grim milestone of 500,000 U.S. COVID-19 deaths as of Feb. 23, according to Johns Hopkins University. Globally, there are over 21.8 million cases and 2.4 million deaths, the data said.

Benchmark U.S. Treasury yields retreated form near one-year peaks overnight, which lowered the opportunity cost of holding bullion.

Even policymakers had started to express concerns about rising yields, with European Central Bank (EBC) President Christine Lagarde saying on Monday that the central bank is “closely monitoring” the recent rise in government bond yields.

In other central bank news, U.S. Federal Reserve Chairman Jerome Powell will give his testimony on the Semiannual Monetary Report to Congress later in the day.

Progress on the $1.9 trillion stimulus package proposed by U.S. President Joe Biden also added to inflation concerns. Biden also made changes to the U.S. COVID-19 aid program for small businesses in order to help smaller and minority-owned firms.

Silver eased 0.4% to $28.04 an ounce, platinum dropped 0.4% to $1,267.46, and palladium gained 0.3% to $2,401.52.

Gold Up, Boosted by Treasury Yields’ Retreat
 

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Comments (4)
Sean Mastro
Sean Mastro Feb 24, 2021 10:46PM ET
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We need a stat on lack of compassion, empathy, truth, and a truly happy global population. Instead the worship of greed and lust in elite circles, continues.
سرية الهمس نجوى
سرية الهمس نجوى Feb 23, 2021 5:57PM ET
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nothing
AIM Investor Journal
AIM Investor Journal Feb 23, 2021 6:57AM ET
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Reporting prices without context means nothing but the author seems accustomed to pushing bonds over bullion. Silver eased from weekly highs to trade above $28/oz and more than 130% up on 2020 lows, platinum sits more than 100% higher than the lows seen in 2020, palladium has been climbing from lows of $1500 last year back up to $2400 as of this week.
Mr Intolerant
Mr Intolerant Feb 23, 2021 12:47AM ET
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Gold futures price is off and treasury yield retreated from not form. Good night.
 
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