Stock Groups

Gold Down, but Higher Treasury Yields Counter COVID-19 Worries -Breaking

by Mike Robinson

[ad_1]

© Reuters.

By Gina Lee

Investing.com – Gold was down on Monday morning in Asia, but higher U.S. Treasury yields supported the safe-haven amid concerns about rising COVID-19 cases. The holiday closed key Asia Pacific markets like Australia, Japan and China, which meant that trade was not affected.

After hitting an over-one month high of $1831.49 in the last session, the price fell 0.11% to $1.826.25 by 11:00 PM ET (5:00 AM GMT). At the end of 2021, the benchmark 10-year U.S. Treasuries saw the biggest yield rise since 2013.

U.S. share prices also hit record lows on December 31 in thin trading, marking the end of a second year for recovery from COVID-19.

Meanwhile, rising COVID-19 cases are also in investors’ radars, with an average of over a million cases detected a day between Dec. 24 and 30, according to Reuters. On Sunday more than 4000 flights around the world were canceled due to adverse weather and the rising number of COVID-19 cases. Over half of these flights were from America.

Asia Pacific saw gold discounts increase to their highest levels in five months, due to COVID-19-linked restrictions, and major Asian consumers holding off on buying in the lead up to holidays.

The suspension was effective immediately after trading closed earlier that day. The suspension of trading was not prompted by the developer in debt.

Other precious metals saw silver decline 0.2% while platinum rose 0.8% and Palladium gained 0.6%.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]