Tue. Jan 31st, 2023

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Strong dollar weakens gold

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Gold bars

Gold prices fell on Monday, after slumping more than 4% in the previous session, as the dollar strengthened and U.S. Treasury yields remained elevated, denting the non-yielding metal’s appeal.

Spot gold was down 0.2% to $1,844.51 per ounce by 0044 GMT, after having touched its lowest since Dec. 15 on Friday. U.S. gold futures gained 0.5% to $1,844.

U.S. Treasury yields held firm after a plunge in payrolls last month raised expectations of more federal spending to aid the virus-battered economy, helping the dollar rise 0.2% against rival currencies.

A stronger dollar makes bullion more expensive for holders of other currencies, while higher bond yields increase the opportunity cost of holding the non-interest yielding gold.

The U.S. economy shed jobs for the first time in eight months in December as the country buckled under an onslaught of COVID-19 infections.

Silver declined 1% to $25.12 an ounce, having plunged as much as 9.8% on Friday.

Platinum fell 1.5% to $1,048.61, while palladium shed 0.1% to $2,368.31.


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