Gold price under pressure from high US bond yields in holiday trading week – MINING.com
With the holiday trading week in full swing, gold prices are under significant pressure due to a surge in U.S. bond yields. As investors flock to perceived safe-haven assets amidst economic uncertainty, the higher yield on U.S treasury bonds dampens the appeal of the precious metal.
Analysts have noted that as long as bond yields continue to rise, gold is likely to struggle to regain its footing in the market. This follows a year of record high gold prices stimulated by the global pandemic and ensuing economic recession.
The bright spot in the market comes from the increased demand for gold in the jewelry sector, offering a small reprieve for gold prices. However, the overall mood in the market remains fairly gloomy as traders await further economic indicators in the coming weeks. Read More
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