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September 8, 2021

The Farther Gold Falls!

 Gold returned to healing wounds after being pushed below the $ 1,800 per ounce price level in the previous session, due to higher US bond yields and a strengthening US dollar.


At the opening of the Asian session, the precious metal traded at $ 1,796 per ounce, up slightly from its previous one -week low of $ 1,791 per ounce. Gold futures are stable at around $ 1,799 an ounce.


The 10 -year U.S. treasury yield rose past its highest level since August at 1.38% in the New York session, pushing the golden yellow metal to plunge lower.



The greenback also rose to a one -week high following higher bond yields, as well as supported by gloom in the US stock market as concerns over the delta variant weighed on economic growth prospects.


The market is now shifting its focus to U.S. President Joe Biden who will deliver his strategy on Thursday aimed at combating the spread of delta coronavirus variants and increasing vaccination.


In addition, the European Central Bank (ECB) policy meeting was also in the spotlight as investors expected indications from the central bank for a reduction in its pandemic bond purchases.