Gold fell, but higher Treasury yields offset COVID-19 concerns Provider

© Reuters.

Gina Lee fell in early Asian trading on Monday, but higher US Treasury yields supported safe-haven assets due to concerns about the increase in COVID-19 cases. As major Asia-Pacific markets, including China, Japan and Australia, are closed for holidays, trade remains thin.

As of 11:20 p.m. Eastern Time (4:20 a.m. GMT), after hitting an intraday high of $1,831.49 for more than a month, it fell slightly by 0.11% to $1,826.25. The benchmark 10-year U.S. Treasury note recorded its largest yield increase since 2013 at the end of 2021.

The US stock market also closed near historical highs in light trading on December 31, ending the second year of recovery from the COVID-19 pandemic.

At the same time, according to Reuters, the rising number of COVID-19 cases has also attracted the attention of investors. Between December 24 and 30, an average of more than 1 million cases were detected every day. In view of the surge in the number of cases and severe weather, more than 4,000 flights worldwide were cancelled on Sunday, more than half of which were US flights.

In the Asia-Pacific region, due to COVID-19-related restrictions and consumers in major Asian countries reducing their purchases before the year-end holiday, India’s gold discount expanded to its highest level in five months last week.

Starting from the transaction earlier in the day. The indebted developer did not provide a reason for the suspension.

In other precious metals, silver fell slightly by 0.2%, platinum rose 0.8%, and palladium rose 0.6%.

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