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Gold prices rose today Thursday

Category: Economy

Date: 2021-01-07T10:11:53+0000
Gold prices rose today Thursday

Shafaq News/ Gold prices rose today, Thursday amid violence and political uncertainties in the US and after Democrats gained majority in the US Senate.

Gold advanced in spot transactions to more than $ 1900 an ounce during the session. And US gold futures rose 1% to 1927 dollars.

Gold tumbled more than 2% on Wednesday, hit by a rebound in the dollar as U.S. Treasury yields surged, with investors betting on a Democrat win in the U.S. Senate runoff elections in Georgia.

 The 10-year U.S. Treasury yield rose above 1% for the first time since March, increasing the opportunity cost of holding non-interest bearing gold.     

 With investors expecting more fiscal stimulus as the Democrats lead in runoff votes that will determine control of the U.S. Senate, gold remains underpinned as an inflationary hedge.            

Other metals followed gold's slide.

 Silver fell 2% to about $27.00 an ounce, while platinum rose 1104 $, while Palladium stood at $2454.

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