Tuesday, March 5, 2024

The yellow metal is recovering, supported by a decline in US bond yields

Date:

Gold price

Gold prices recovered on Friday, supported by a decline in US Treasury bond yields and an appetite for safe-haven assets, but the stance of US Federal Reserve officials, who are poised to raise interest rates, means gold is on its way out. Second straight loss.

Price movements

By 14:25 GMT, spot gold rose to $1927.90 an ounce, having fallen to a three-month low in the previous session.

The yellow metal fell 1.5 percent on the week.

U.S. gold futures rose 0.8 percent to $1,938.20.

Wall Street’s major indexes are expected to fall and post weekly losses. Comments from US Federal Reserve Chairman Jerome Powell and other officials fueled fears that interest rates will continue to rise for a longer period of time.

The yield on the benchmark 10-year U.S. Treasury fell to a ten-day low, reducing the municipal opportunity cost of owning non-yielding gold.

Among other precious metals, spot silver rose 0.9 percent to $22.44 an ounce, but it remains on track for its biggest weekly loss since October 2022.

Platinum fell 0.3% to $920.38, on track for its worst weekly performance since August 2022.

Palladium fell 0.5% to $1,277.46, hitting its lowest level since May 2019 in the previous session.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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