Gold set for worst performance in six years, inches up in thin trade

Author of the article: Gold was set for its worst performance in six years, though prices inched up in thin trade on Friday as U.S. Treasury yields dipped, increasing the bullion’s appeal by reducing its opportunity cost. FUNDAMENTALS * Spot gold rose 0.2% to $1,818.43 per ounce by 0119 GMT, hovering close to a one-month…
Gold set for worst performance in six years, inches up in thin trade

Author of the article:

Gold was set for its worst performance in six years, though prices inched up in thin trade on Friday as U.S. Treasury yields dipped, increasing the bullion’s appeal by reducing its opportunity cost.

FUNDAMENTALS

* Spot gold rose 0.2% to $1,818.43 per ounce by 0119 GMT, hovering close to a one-month high hit on Dec. 28. U.S. gold futures were up 0.2% at $1,818.00.

* Gold was set for its biggest annual decline since 2015, having fallen 4% so far this year, as economies recovered from the pandemic’s impact, reducing demand for the safe-haven metal.

* Benchmark 10-year U.S. Treasury yields dipped from one-month highs on Thursday, with no major catalysts to drive market direction and many traders out before the New Year holiday.

* The dollar index moved away from a one-month low as investors looked beyond a surge in Omicron COVID-19 variant cases and favored riskier currencies. A stronger dollar makes gold more expensive for buyers holding other currencies.

* Wall Street closed lower on Thursday, retreating late in thin holiday volume from record highs set early in the session on strong U.S. data including a drop in weekly claims for U.S. unemployment benefits.

* The dip in jobless claims came even as COVID-19 infections in the United States hit a record high for the second day running, Reuters data showed.

* Spot silver rose 0.3% to $23.11 an ounce, platinum gained 0.3% to $963.92, and palladium fell 0.5% to $1,956.42.

* Silver was on track for its worst year since 2014 with a drop of about 12%. Platinum was down nearly 10% while palladium was headed for its biggest yearly decline since 2015 with a 20% slump. (Reporting by Asha Sistla in Bengaluru; Editing by Vinay Dwivedi)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Ukraine says Russian strike knocks out Odesa airport
Read More

Ukraine says Russian strike knocks out Odesa airport

Author of the article: Reuters Hamuda Hassan and Jorge Silva and Natalia Zinets DOBROPILLIA — A Russian missile strike at the airport in the southwestern port of Odesa – a city that has so far been relatively unscathed in the war – has damaged the runway and it can no longer be used, the Ukrainian…
Japan’s exports grow at slowest pace in eight months
Read More

Japan’s exports grow at slowest pace in eight months

Author of the article: Reuters Kantaro Komiya and Daniel Leussink TOKYO — Japan’s export growth snapped seven months of double-digit expansion in October due to slowing U.S. and China-bound car shipments, highlighting risks for the export-reliant economy from global supply constraints. The slowing growth shows Japan’s vulnerability to supply chain bottlenecks that have been particularly…
Bitcoin falls again, last down 4%
Read More

Bitcoin falls again, last down 4%

Author of the article: Bitcoin dropped again on Saturday and was last down around 4% for the day, hovering around the $35,000 level. Bitcoin, the world’s biggest and best-known cryptocurrency, is now about half its $69,000 peak in November. It was last at $35,049, after falling as low as $34,000 and following a steep fall…
BofA to UBS See European Stocks Rallying After Tough First Half
Read More

BofA to UBS See European Stocks Rallying After Tough First Half

After what is poised to be the worst first half since 2008 for European equities, strategists are optimistic that at least some of the losses will be clawed back by the end of the year. Author of the article: Bloomberg News Michael Msika i}]tb]6}5jxugoyw3fr4{sz0_media_dl_1.png via Bloomberg (Bloomberg) — After what is poised to be the…