Gold Stays Lax As US Treasury Yields Soar

Published on Oct 06, 2021 18:53

COMEX Gold futures eased from one and half week highs on firm equities and an uptick in the US dollar index and treasury yields. The yellow metal also focused on sustained drop in the spread of Covid-19. The benchmark US 10-year Treasury yield surged back above 1.56%, hitting a three-and-a-half-month high. Gold currently quotes at $1755 per ounce, down 0.24% on the day. The number of weekly COVID-19 cases and deaths continued to decline globally, the World Health Organisation has said, noting that both the case and death incidence have reduced for the past two months in the South-East Asian region. The COVID-19 Weekly Epidemiological Update, released last week, said over 3.3 million new cases and over 55,000 new deaths were reported around the world during the week of 20-26 September, 2021, a decrease of 10% as compared to the previous week for both cases and deaths.