Gold is clinging to support around the $1,715 mark after plummeting nearly $100 in the last two weeks. Alongside a modest decline in US Treasury yields, gold might look to inch higher in the days a.
Gold Price Plummets as Treasury Yields Soar. Where to Next for Gold?
2021-02-25 21:00:00
Peter Hanks,
Strategist
Gold Price Outlook:
Support beneath $1,764 is sparse putting gold at risk of a deeper retracement
Gold Price Plummets as Treasury Yields Soar. Where to Next for Gold?
Gold suffered another considerable decline late this week, adding to the string of defeats in recent months as US Treasury yields continue to rise. The weakness in gold price is not entirely unsurprising as we noted the negative correlation between gold and US Treasury yields in our last gold update. Critically, US Treasury yields, in particular the US 10 year Treasury yield, briefly broke above 1.6% Thursday which marked its highest point since mid-February 2020.