Gold Off Three Month High

Published on May 11, 2021 15:57

COMEX Gold futures stayed just under a three-month high as rising US treasury yields capped the gains. Improving US Covid-19 conditions also weighed on the yellow metal. The commodity currently trades at $1740 per ounce, up 0.20% on the day. Gold could find it difficult to sustain gains given the steady improvement in the Covid-19 scenario, The rate of average daily new Covid cases in the US fell to below 41,000 over the weekend, down 30% from two weeks ago and the lowest level since September, Johns Hopkins University data showed. The country has reported an average of 2 million vaccinations per day over the past week, according to Centers for Disease Control and Prevention data, down 40% from its peak level.