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Gold gained for a seventh day on Thursday and the dollar index was little changed as U.S. bond yields continued to sink on worries over slowing growth.

Spot gold rose 0.6 percent to $1,814.97 per ounce, while U.S. gold futures were up 0.7 percent at $1,816.10.

Rates on 10-year Treasuries fell to their lowest since February and equities slumped as new variants of COVID-19 continued to spread rapidly across the world.

Australia’s Sydney has recorded its highest daily rise in COVID-19 cases in months, despite being nearly two weeks into a lockdown.

South Korea has reported its biggest daily jump in coronavirus cases since the start of the pandemic, while Indonesia reported record deaths.

Elsewhere, a shift to some kind of policy easing in China raised worries about softening growth momentum in the rest of this year.

Gold gained for a seventh day as U.S. bond yields continued to sink and investors mulled Federal Reserve minutes that showed policy makers wanted a more solid economic recovery before setting a timeline for tapering.

The minutes from the Fed’s June meeting released overnight also provided some support to gold.

Notes from the Fed’s June meeting indicated officials weren’t ready to communicate a timeline for slowing stimulus, given uncertainties around the economic outlook.


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