Gold set for third straight weekly gain as US yields, dollar pull back
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Last Updated: Apr 23, 2021, 07:53 AM IST
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Synopsis U.S. President Joe Biden s proposal to hike capital gains tax encouraged investors to flock towards bullion.
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Gold gained on Friday and was poised for a third straight weekly rise as a softer U.S. dollar, falling Treasury yields and a dip in equities after U.S. President Joe Biden s proposal to hike capital gains tax encouraged investors to flock towards bullion.
FUNDAMENTALS
Spot gold was up 0.2% at $1,787.11 per ounce by 0135 GMT, after hitting its highest since Feb. 25 at $1,797.67 on Thursday. The metal has gained about 0.6% so far this week.
Gold edges higher on new Covid-19 strain, inflation woes
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Last Updated: Apr 01, 2021, 08:14 AM IST
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Synopsis
Stimulus measures increase the chances of higher inflation and gold is often considered as a hedge against it.
Spot gold was up 0.2% at $1,710.28 per ounce.
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FUNDAMENTALS
Spot gold was up 0.2% at $1,710.28 per ounce by 0156 GM, though it was set for its second straight weekly fall.
U.S. gold futures fell 0.3% to $1,709.80 per ounce.
U.S. President Joe Biden on Wednesday called for a sweeping use of government power to reshape the world s largest economy and counter China s rise in a $2 trillion-plus proposal that was met with swift Republican resistance.
Shanghai copper slips from multi-year highs as bleak China data weighs leaderpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from leaderpost.com Daily Mail and Mail on Sunday newspapers.
since end-November, as recent strength in U.S. Treasury yields
dented the non-yielding metal’s appeal. FUNDAMENTALS
GMT, having touched its lowest since Nov. 30 at $1,765.35
earlier in the session. Prices have declined 3% so far this
week. Benchmark U.S. Treasury yields edged higher, having hit a
near one-year peak earlier in the week. Higher yields increase
the opportunity cost of holding bullion, which pays no interest. The dollar was also set to mark a weekly gain,
making gold expensive for holders of other currencies. U.S. jobless claims unexpectedly increased last week,
raising the possibility of a second straight month of tepid job