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Gold Back Above $1,800 as U.S. Treasury Yields Swoon -Breaking

by Mike Robinson

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By Barani Krishnan

As Treasury yields declined, gold returned to above $1800 an ounce Monday. The rise in risk appetite also saw the yellow metal benefit.

U.S. gold futures’ most active contract, , rose $10.50, or 0.6%, to settle at $1,806.80 per ounce on New York’s Comex.

This was the first settlement of a Comex benchmark gold futures contract above $1,800 since September. The long-gold crowd considers this key for regaining record-breaking territories higher than the August 2020 $2,000 mark.

“Gold prices are back above $1,800 as investors worry about longer-lasting inflation and as Europe and Asia continue to battle COVID,” said Ed Moya, head of research for the Americas at online trading platform OANDA.

“Gold could face resistance at the $1,840 level, with the $1,875 level providing major resistance.”

After hitting an all-time high of 1.7% in five months, the benchmark Treasury yields fell to a low session of 1.6240%. This reduces the cost of holding non-yielding ore.

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