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Gold recovers from 9-month low, but higher yields weigh

Reuters2021-03-04

March 4 (Reuters) - Gold prices edged up on Thursday to recover from a near nine-month low hit in the previous session, although higher U.S. Treasury yields continued to weigh on the non-yielding bullion's appeal.

* Spot gold was up 0.2% at $1,714.27 per ounce by 0051 GMT, having dropped to their lowest since June 9 at $1,701.40 on Wednesday. U.S. gold futures dipped 0.2% to $1,712.80.

* Benchmark U.S. Treasury yields held near 1.5%, increasing the opportunity cost of holding bullion, which pays no returns.

* The U.S. economic recovery continued at a modest pace over the first weeks of this year, the Federal Reserve reported on Wednesday.

* Chicago Fed President Charles Evans on Wednesday said he sees the recent rapid rise in bond yields as mostly reflecting improvements in the economy.

* U.S. private payrolls increased less than expected in February, suggesting the labor market was continuing to struggle.

* The U.S. Senate delayed the start of debate on a $1.9 trillion COVID-19 relief bill until at least Thursday.

* Investors now await Fed Chair Jerome Powell's speech before a virtual Wall Street Journal Jobs Summit at 1705 GMT, for clues on the outlook of the central bank's monetary policy.

* Perth Mint's gold sales surged in February to their highest in at least nine years, while silver sales also jumped, the refiner said in a blog post on Wednesday.

* Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust fell 0.4% to 1,082.38 tonnes on Wednesday.

* Silver rose 0.4% to $26.18 an ounce, while palladium eased 0.3% at $2,347.52. Platinum shed 0.5% to $1,161.50.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment30

  • Raychris
    ·2021-03-04
    Is great.
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  • ET77
    ·2021-03-04
    Gold go go 
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  • ZhiLing
    ·2021-03-04
    hope so
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  • stardice
    ·2021-03-04
    [得意] [得意] 
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  • Dhruba
    ·2021-03-04
    ??
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  • Black83black
    ·2021-03-04
    Good 
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  • MiraiBot
    ·2021-03-04
    Nice
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  • alique
    ·2021-03-04
    Market correction coming 
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  • dandan_4896
    ·2021-03-04
    Buey pai
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  • Chandrakanth
    ·2021-03-04
    Good
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  • Timtan85
    ·2021-03-04
    Pls go up
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    • ET77
      Go go gold !
      2021-03-04
      Reply
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  • ZYMing
    ·2021-03-04
    gold price is gold..
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  • Silverliner
    ·2021-03-04
    Gold is still dangerous
    Reply
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  • Zaviersoon
    ·2021-03-04
    I want buy goldddd
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  • Shadowlew
    ·2021-03-04
    Should we buy now?
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  • Alvinwong
    ·2021-03-04
    Like and comment pls
    Reply
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    • Xiaolongbao
      Comment back pls
      2021-03-04
      Reply
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    • nakazatous
      Ok
      2021-03-04
      Reply
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    • ZachLoh
      Comment back comment plz
      2021-03-04
      Reply
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    View more 1 comments
  • Minion
    ·2021-03-04
    Drop the interest rates more!!
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  • Ezumu
    ·2021-03-04
    Cool
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  • Frozenfeel
    ·2021-03-04
    Gold [财迷] 
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  • smurfbay
    ·2021-03-04
    Wow
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