scorecardresearch
Thursday, March 28, 2024
Support Our Journalism
HomeEconomyGold holds biggest decline in six weeks as bond yields surge

Gold holds biggest decline in six weeks as bond yields surge

Ten-year Treasuries had the worst start to a year in more than a decade, with yields rising 12 basis points Monday, the largest first-day jump since 2009.

Follow Us :
Text Size:

Gold was steady after posting its biggest drop in six weeks as bond yields surged, with investors bracing for monetary policy tightening in 2022.

Ten-year Treasuries had the worst start to a year in more than a decade, with yields rising 12 basis points on Monday, the largest first-day jump since 2009, according to Bloomberg data. Meanwhile, the S&P 500 Index closed at a record high on risk-on sentiment.

Bullion fell last year in its biggest annual decline since 2015 as central banks started to dial back pandemic-era stimulus to fight inflation. Traders are also monitoring the risks posed by the omicron virus variant and will focus this week on the releases of minutes from the Federal Reserve’s latest meeting and the U.S. nonfarm payrolls data.

Spot gold rose 0.1% to $1,803.81 an ounce at 7:54 a.m. in Singapore, after dropping 1.5% Monday, the most since Nov. 22. The Bloomberg Dollar Spot Index was flat after adding 0.5% in the previous session. Silver and platinum were steady, while palladium advanced. –Bloomberg 


Also read: Gold steady as traders weigh record US stocks, Omicron risks


 

Subscribe to our channels on YouTube, Telegram & WhatsApp

Support Our Journalism

India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. ThePrint – with exceptional reporters, columnists and editors – is doing just that.

Sustaining this needs support from wonderful readers like you.

Whether you live in India or overseas, you can take a paid subscription by clicking here.

Support Our Journalism

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular