Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  Gold       XAUUSD

GOLD

SummaryQuotesChartsNews 
SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

Gold eases as firm dollar counters slight dip in U.S. yields

03/02/2021 | 11:05am EDT
FILE PHOTO: Gold bars are displayed at a gold jewelry shop in Chandigarh

(Reuters) - Gold edged lower on Tuesday, having touched a more than eight-month trough earlier in the session, as a buoyant dollar threatened to overshadow support from a slight retreat in U.S. Treasury yields and equity markets.

Spot gold was down 0.1% at $1,720.96 per ounce by 1542 GMT, after falling to $1,706.70, its lowest since June 15.

U.S. gold futures edged 0.1% lower to $1,721.40 per ounce.

The strengthening dollar "is putting some pressure on gold. The $1,700 level may be perceived as some kind of key support level for gold prices," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

The dollar index hovered near a four-week high, making gold more expensive for holders of other currencies.

Offering some respite to gold, benchmark U.S. Treasury yields eased from a one-year high hit last week, while U.S. stocks dipped after strong gains on Monday.

"The main dilemma right now for the gold bulls is the rising short-term U.S. Treasury yields," said Bob Haberkorn, senior market strategist at RJO Futures.

"Despite the U.S. Federal Reserve being very accommodative with stimulus, with low rates for the extended period of time, in the short term we had to deal with these rising short-term rates."

While gold is considered a shield against inflation, higher yields threaten that status as they increase the opportunity cost of holding bullion.

Market participants kept a close watch on the $1.9 trillion stimulus bill, which will be debated in the U.S. Senate this week.

Silver fell 0.6% to $26.33 an ounce, having earlier dipped to a more than one-month low.

Palladium was up 0.4% at $2,358.68 an ounce, while platinum eased 0.2% to $1,182.94.

(Reporting by Brijesh Patel in Bengaluru)

By Brijesh Patel


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES FXCM DOLLAR INDEX 0.00% 11861.01 Delayed Quote.1.42%
EURO / US DOLLAR (EUR/USD) -0.05% 1.1895 Delayed Quote.-2.44%
GOLD -0.06% 1743.1 Delayed Quote.-7.57%
PALLADIUM 0.55% 2638.5 Delayed Quote.6.93%
SILVER -0.09% 25.2433 Delayed Quote.-3.57%
All news about GOLD
04/09CANADA STOCKS - TSX ends flat at 19,228.03
RE
04/09ALAMOS GOLD BRIEF : Details Additional Investment in Manitou Gold Inc.
MT
04/09ST JAMES GOLD  : Says New Florin Resource Estimate Boosts Inferred Gold by 27%
MT
04/09Sonoro Gold Boosts Private Placement of Share Units by 30% to C$2.6 Million
MT
04/09Manitou Gold Closes C$5.03 Million Private Placement of Flow-Through Shares
MT
04/09COMMODITIES : Gold Ends Down From Six-Weeks Highs as Dollar and Bond Yields Rise
MT
04/09COMMODITIES BRIEF : June Gold Contract Ends Down US$13.40; Settles at US$1,744.8..
MT
04/09AURANIA RESOURCES  : Climbs 4.4% after Offering Drilling Update from Kuri-Yawi T..
MT
04/09MIDDAY ETF UPDATE : Broad-Market ETFs Mixed; US Stocks Broadly Higher Amid Highe..
MT
04/09Gold slips on buoyant yields; set for weekly gain
RE
More news
Chart GOLD
Duration : Period :
Gold Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GOLD
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral