GOLD EXTENDS LOSSES AMID SOARING BOND YIELDS

Published on Feb 26, 2021 11:54

COMEX Gold fell sharply today, extending losses after a deep slide in last session. The prices tumbled well under $1800 per ounce as the US bond yields soared with 10 year benchmark yield jumping to 13 month high above 1.60%. The commodity has already been under stress as Covid-19 scenario eases and vaccinations continue around the world at a good pace. Demand is likely to pick up in retail markets after the recent tumble that has taken the COMEX Gold to an eight month low now. The metal currently trades at $1760 per ounce, down 0.76% on the day. The US dollar index is also trading with modest gains, holding above 90 mark as recent six week lows offered a good support to the counter.