Gold Consolidates, US Treasury Yields Soar
Published on Oct 11, 2021 15:13
Gold saw choppy moves last week though overall sentiment was supported amid falling Covid-19 cases in India. The festive season also kicked off and overall undertone on the economic front remained optimistic, keeping outlook for retail Gold demand steady. The yellow metal consolidated around $1760 per ounce mark on these cues despite soaring US treasury yields. World Gold Council (WGC) stated in a latest update that Gold fell 4% in September, driven lower by higher US yields as well as small negative contributions from futures positioning and US dollar strength. But gold wasn`t the only asset class to fall, treasuries, corporates, US- and non-US equities all fell in September, possibly because of deleveraging. Gold`s short-term performance will likely remain choppy as markets continue to assess how upcoming economic data might impact central bank policy decisions.
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