Pandemic-driven risk aversion is driving Asian markets after weak Wall Street finish, analyst says
Bengaluru — Gold prices edged higher on Monday, lifted by a retreat in US treasury yields and concerns that a surge in coronavirus cases could dampen global economic recovery, though an uptick in the dollar limited gains for the safe-haven metal.US gold futures eased 0.1% to $1,813.70.
“Some short-covering is providing modest support to gold, but it not displaying any clear momentum in either direction.” Many countries, particularly in Asia, are struggling to curb the highly contagious Delta variant of the coronavirus and have been forced into taking lockdown measures.Benchmark 10-year treasury yields dropped to a near two-week low, reducing the opportunity cost of holding non-interest bearing gold.
“Negative real yields appear to be driving gold prices in the face of a stronger USD. We expect the US dollar to weaken as other central banks hike rates,” ANZ analysts said in a note.
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