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Gold Prices Rise As US Dollar, Treasury Yields Pull Back

Gold prices jumped on Wednesday as a recent rally in the US dollar and Treasury yields hit a pause.

According to Reuters, rising COVID-19 cases worldwide also boosted appeal for the safe-haven metal. Total infections surpassed 91 million on Tuesday.

Spot gold rose 0.1% to $1,856.86 per ounce by 1:52am on Wednesday, while US gold futures gained 0.8% to $1,858.10.

Benchmark 10-year Treasury yields pulled back from 10-month highs, dragging the dollar lower and making gold cheaper for other unit holders.

On Tuesday, Boston Federal Reserve Bank President Eric Rosengren said the US economy could see a strong rebound in the second half of this year as vaccinations become widely available, but the virus is still driving the economy and monetary policy will remain accommodative.

Silver was steady at $25.57 an ounce. Platinum rose 0.3% to $1,078.80, while palladium eased 0.4% to $2,382.44.

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