Weakening dollar and declining U.S. Treasury yields push gold up high
Gold was all set to post a third straight weekly gain as the dollar and the U.S. Treasury yields groped for form on Friday’s trade.
Gold futures gained 0.17% to $1,785.05.
As investors heard the news that President Joe Biden could almost double the tax on capital gains to 39.6% for those earning more than $1 million a year, the benchmark U.S. Treasury yield plummeted.
Meanwhile, Swiss customs data reflected Switzerland’s gold exports for the month of March hitting their highest level in over 10 months as shipments to India peaked to their highest number since 2013.
In other precious metals, silver fell 0.3%. Platinum slightly moved at $1,203.10. Palladium rose 0.1% but remained below a record $2,891.50 hit on Thursday. Despite this, many investors anticipate the precious metal’s price to go towards $3,000 per ounce as carmakers increase purchases of the metal and worsen a supply shortage.