Gold Shows Rise At The Beginning Of The Week, Here's Why! - Kakiforex.com - Financial Market Media No. 1 in the World Gold Shows Rise At The Beginning Of The Week, Here's Why! Gold Shows Rise At The Beginning Of The Week, Here's Why!
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June 21, 2021

Gold Shows Rise At The Beginning Of The Week, Here's Why!

 Gold trading rose slightly earlier in the week after gaining support from lower 10 -year U.S. treasury yields.


Entering the European session, spot gold traded 0.5% higher at $ 1,773 per ounce, while gold futures traded around $ 1,770 per ounce.


The benchmark 10 -year bond yield fell to its lowest level since late February at 1.38%, while 30 -year bond yields fell below 2% for the first time since February.



This decline has caused the attractiveness of the precious metal gold to rise again at the opening of trading earlier in the week.


However, the gains recorded by gold were insignificant, given that the king of the US dollar still dominated the market by trading higher against most major currencies.


Last week, gold posted its worst weekly performance since March 2020 after the Federal Reserve signaled a faster -than -expected tightening of monetary policy.


Through the latest projections released at the last policy meeting, the Fed sees two interest rate hikes imminent by the end of 2023, and this has caused gold to fall sharply.