Platinum rises as much as 3.5% SPDR Gold holdings hit lowest since April 2020 (Adds comments, updates prices)
March 9 (Reuters) - Gold rose nearly 2% on Tuesday, as it gained respite from a retreat in U.S. Treasury yields and the dollar following a slide to a nine-month low in the last session.
Spot gold rose 1.5% to $1,706.01 per ounce by 1308 GMT, having earlier risen as much as 1.8% to $1,711.16.
U.S. gold futures climbed 1.4% to $1,701.80.
“Given the metal’s zero-yielding nature, falling yields may provide a tailwind for bulls to elevate prices higher,” said Lukman Otunuga, senior research analyst at FXTM.
But while gold may extend gains near term, “fundamentally, the pendulum swings in favour of bears especially when factoring in how global sentiment is improving on vaccine rollouts and COVID-19 cases are falling globally.”
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Gold price rebounded above the $1,700 level on Tuesday, as it gained respite from a retreat in US Treasury yields and the dollar following a slide to a 10-month low in the last session.
Spot gold rose 1.8% to $1,714.89 per ounce by 11:25 a.m. EST, but was still trading near its lowest since early June 2020. US gold gained 2.1% to $1,713.70 per ounce in New York.
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“Given the metal’s zero-yielding nature, falling yields may provide a tailwind for bulls to elevate prices higher,” Lukman Otunuga, senior research analyst at FXTM, told
Read more about Gold prices slip as US bond yields and equities dull its appeal on Business Standard. Spot gold fell 0.6% to $1,727.11 an ounce by 1016 GMT
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