Gold Slides On Rising US Yields

Published on Jan 07, 2021 12:33

Gold moved up today after a heavy drop in last session. COMEX Gold futures slumped yesterday. The metal fell sharply after recent spurt as a surge in US Treasury yields weighed on the sentiments. The US 10-year treasury yields saw a sharp spike, breaking above the key 1% mark. Treasury yields soared on expectations that a win for Democrats in a Senate runoff race in Georgia may signal more fiscal spending. US 10 year yield hit 11 month high of 1.04%, up around 10% on the day. This capped the surge in Gold and the yellow metal backed off a two month high. Selling intensified in the US session and the commodity tanked more than 2% to approach $1910 per ounce. The metal currently trades up 0.93% at $1926 per ounce.