Gold dips as rising U.S. Treasury yields fend off safe-haven investors

04.03.2021 - Evdokimov Roman
Gold dips as rising U.S. Treasury yields fend off safe-haven investors

Thursday trade in Asia had seen gold dipping as rising U.S. Treasury yields fended off investors of the precious metal despite its rise from a nine-month low it posted the previous session.

Gold futures declined 0.23% at $1,711.90, with the dollar racking up some gains on Thursday as it normally moves inversely to gold.

Benchmark U.S. Treasury yields posted some 1.5% increase, improving the opportunity cost of holding bullion.

The recovery of the world’s largest economy continued at a slow pace over the first weeks of this year, according to the report released by the Beige Book on Wednesday.

 Meanwhile, Perth Mint said on Wednesday that gold sales spiked to their highest in at least nine years in February, as well as silver sales.

In other precious metals, silver was up 0.4%, while platinum and palladium lowered 0.5% and 0.3% respectively.

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