Gold garners impressive gains to apporach $2100 per ounce mark

Published on Dec 28, 2023 14:20

COMEX Gold futures neared $2100 per ounce mark today, nearing the record high territory as weakness in the US dollar boosted the yellow metal. The US dollar index fell sharply yesterday, adding to recent string of losses as dropping US treasury yields weighed on the currency. Markets are pricing a reduction in the US interest rates over coming months and the benchmark 10 year US treasury yields are currently at 3.80% - testing lowest in six months. The US dollar index slumped under 101 mark yesterday and currently lingers around 100.50- its fresh five month low amid lack of major economic cues and limited trading around the year end. Gold is up for a third straight month with a gain of around 2% in December 2023.