Lower yields in US bonds support metal market prices
Bengaluru — Gold prices rose on Tuesday, supported by a drop in US bond yields and concerns over a relentless surge in Delta variant infections, though a stronger dollar kept bullion’s gains in check.
“The gold market is getting relief because of extremely low yields. But gold is competing with the dollar for safe-haven demand, so that is going to limit upside momentum over the near-term,” said Stephen Innes, managing partner at SPI Asset Management. Rising coronavirus cases across the US and other countries fuelled fears of a pandemic resurgence, sending shock waves through stock markets, as the highly contagious Delta variant appeared to be taking hold. Gold is often used as a safe store of value during times of political and financial uncertainty.
European Central Bank policymakers are set for a showdown this week as they chart a new policy path amid growing fears of a third wave of coronavirus infections.
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