Gold hits two-month high as US yields slip - Hindustan Times
close_game
close_game

Gold hits two-month high as US yields slip

ByNasrin Sultana, Hindustan Times, Mumbai
Apr 17, 2021 12:24 AM IST

The dollar eased against its rivals, while benchmark US bond yields hovered near a one-month low hit in the previous session.

Gold prices have started to escalate in April amid concerns of inflationary pressures, after a prolonged dull period, as the Covid-19 pandemic continues to hamper business growth. International gold prices hit a two-month high at $1,771.37 per ounce on Friday afternoon.

Spot gold hit its highest since February 25 at $1,779.52. REUTERS(File Photo)
Spot gold hit its highest since February 25 at $1,779.52. REUTERS(File Photo)

“Gold traded higher to a more than one-month peak as US treasury yields slipped despite better than expected US economic data, pushing investors to bullion as a refuge against possible inflation ahead,” said Navneet Damani, vice-president, commodities research, Motilal Oswal Financial Services.

Hindustan Times - your fastest source for breaking news! Read now.

The dollar eased against its rivals, while benchmark US bond yields hovered near a one-month low hit in the previous session.

“Concerns regarding inflation are increasing ahead of massive fiscal aid and ultra-low interest rates across the globe supporting the metal. Gold prices also got a boost when the US government imposed a broad array of sanctions on Russia for alleged actions such as interfering in the 2020 US election,” Damani said.

Damani feels international gold prices could be between $1,745-1,778 per ounce and on the domestic front prices could hover in the range of 46,850-47,450 per 10 grams.

After a massive rally of 28% in 2020 as investors rushed to buy the yellow metal, which is considered a safe haven, gold prices slumped in the first three months of this year, falling 6% in February.

However, gold prices gained nearly 4% in April so far as investors remained cautious about other asset classes.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On