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2021/04/09

After Consecutive Weeks of Losses Gold Prices Post Weekly Benefit

 

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Gold Prices Post Weekly Benefit 

Gold prices are holding on the brink of the very best levels seen in over a month touched during trading on Thursday and are ready to post a gain of just about 1.5% for the week, supported by a decline within the US dollar and Treasury yields. At the time of writing, GOLD is trading at a touch above $1,749.

The US dollar has turned bearish after strengthening over the past few weeks on account of a dip in US Treasury yields. Additional weakness within the greenback was driven by an unexpected rise in US weekly jobless claims for the second consecutive week, raising concerns about the strain within the market.

A decline in bond yields reduces the chance cost of holding non-yielding bullion while a weaker dollar makes gold cheaper to get for holders of other currencies. Both these factors have supported bullish moves within the alpha-beta brass in the week, after two consecutive weeks of bearishness.

Gold prices also received a lift during the mid of the week when the Fed released the minutes of its last policy meeting held in March. The minutes reveal a cautious outlook among the financial institution officials and a willingness to increase their dovish approach for an extended time until employment and inflation recover to pre-pandemic levels across the US.

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