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Markets

Gold prices gain on lower US bond yields, virus worries

  • SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.6% to 1,028.55 tonnes on Friday, the lowest since May 14
19 Jul 2021

Gold prices edged higher on Monday as a fall in US Treasury yields and concerns over a global economic recovery slowdown due to the spread of the Delta variant of the coronavirus lifted demand for the safe-haven metal.

FUNDAMENTALS

  • Spot gold was up 0.2% at $1,814.38 per ounce by 0057 GMT.

    • US gold futures edged up 0.1% at $1,816.40.
  • Benchmark 10-year Treasury yields dropped to a near two-week low at 1.2640%, reducing the opportunity cost of holding non-interest bearing gold.

Spot gold to retest support at $1,789

  • Asian shares slipped again as investor risk appetite was soured by fears of rising inflation and a relentless surge in coronavirus cases.

  • Gold is used as a safe investment during times of political and financial uncertainty. It is also seen as a hedge against inflation.

  • Many countries, particularly in Asia, are struggling to curb the highly contagious Delta variant of the coronavirus and have been forced into taking lockdown measures.

  • More than 190.45 million people have been reported to be infected by the novel coronavirus globally and 4,254,285? have died, according to a Reuters tally.

  • On the physical side, gold in India was sold at a discount last week for the first time in nearly a month as a jump in local prices curbed purchases. Buyers in other major Asian hubs were also put off by higher prices.

  • SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.6% to 1,028.55 tonnes on Friday, the lowest since May 14.

  • Speculators raised their net long positions in COMEX gold in the week ended July 13, data from the US Commodity Futures Trading Commission showed.

  • Silver rose 0.2% to $25.72 per ounce, palladium climbed 0.6% to $2,645.98, and platinum was steady at $1,103.15.

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