Spot Gold Up Over 6% In 30 Days And Likely To Hit $2,000
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Spot gold prices shot up more than 6% in the past 30 days as tough macroeconomic and geopolitical circumstances highlighted by rising Treasury yields, the Israel-Hamas war, and US debt turmoil increased the appeal of safe-haven assets. Meanwhile, gold futures crossed the $2,000 mark on Thursday for the first time in two months.
Gold Futures Hit $2,000 While Treasury Yields Stay Elevated
Prices of gold rebounded on Thursday as the tensions in the Middle East and growing US debt pushed investors toward safe-haven assets. Notably, gold futures rose to $2,003 per troy ounce on the day, breaching the $2,000 threshold for the second time in a week and heading for the $2,089 mark – a level last ween in August 2020.
Interestingly, the resurgence comes amid a rally in 10-year Treasury yields, contradicting the typical inverse correlation. The yield on the 10-year Treasury note exceeded the 5% mark earlier this week for the first time in 16 years, dampening the effect of a largely positive earnings week for the Big Tech.
Meanwhile, spot gold prices were higher at $1,985 on Friday, up more than 6.3% in the past 30 days.
Spot gold prices shot up more than 6% in the past 30 days as tough macroeconomic and geopolitical circumstances highlighted by rising Treasury yields, the Israel-Hamas war, and US debt turmoil increased the appeal of safe-haven assets. Meanwhile, gold futures crossed the $2,000 mark on Thursday for the first time in two months.
Gold Futures Hit $2,000 While Treasury Yields Stay Elevated
Prices of gold rebounded on Thursday as the tensions in the Middle East and growing US debt pushed investors toward safe-haven assets. Notably, gold futures rose to $2,003 per troy ounce on the day, breaching the $2,000 threshold for the second time in a week and heading for the $2,089 mark – a level last ween in August 2020.
Interestingly, the resurgence comes amid a rally in 10-year Treasury yields, contradicting the typical inverse correlation. The yield on the 10-year Treasury note exceeded the 5% mark earlier this week for the first time in 16 years, dampening the effect of a largely positive earnings week for the Big Tech.
Meanwhile, spot gold prices were higher at $1,985 on Friday, up more than 6.3% in the past 30 days.
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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our more
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