Report

rss

Iraq News

Kurdistan

Economy

World

All News

Gold set for worst year since 2015 on fading safe-haven demand

Category: Economy

Date: 2021-12-31T08:37:11+0000
Gold set for worst year since 2015 on fading safe-haven demand

Shafaq News / Gold was set on Friday for its worst year since 2015 as a global economic recovery from last year's contraction robbed the metal of safe-haven flows and as central banks prepared to raise interest rates to contain inflation.

Spot gold rose 0.1% to $1,817.40 per ounce by 0647 GMT, hovering close to Tuesday's one-month high, as a dip in U.S. Treasury yields boosted the metal's appeal by reducing its opportunity cost. U.S. gold futures rose 0.3% to $1,818.90.

"Year-end risk hedging has pushed gold higher overnight and is keeping gold supported in Asia, despite a modest U.S. dollar rally overnight. Gold is now just below resistance at $1,820," said Jeffery Halley, a senior market analyst at OANDA.

A stronger dollar makes bullion more expensive for buyers holding other currencies.

Gold prices have declined more than 4% so far this year after rising 48% over the previous two years, as the global economic recovery reduced demand for the safe-haven metal.

This year gold traded between $1,676 and $1,959 an ounce, following its best annual performance in a decade last year, which also saw the metal touching an all-time high of about $2,072.50.

Source: Reuters

related

Gold snaps three sessions of losses as dollar index drops

Date: 2021-02-03 10:20:20
Gold snaps three sessions of losses as dollar index drops

Gold prices firm as U.S. Treasury yields slide

Date: 2021-06-21 06:35:31
Gold prices firm as U.S. Treasury yields slide

Gold prices drop in Iraq today

Date: 2021-08-31 10:47:42
Gold prices drop in Iraq today

Gold prices drop as dollar recovers

Date: 2020-08-11 08:11:17
Gold prices drop as dollar recovers

Gold set for worst performance in six years

Date: 2021-12-30 05:49:29
Gold set for worst performance in six years

Gold heads for first weekly fall in five on dollar strength

Date: 2021-07-23 08:16:39
Gold heads for first weekly fall in five on dollar strength

Gold prices in the Iraqi local markets today

Date: 2021-10-07 08:48:36
Gold prices in the Iraqi local markets today

Gold touches six-week low

Date: 2020-09-23 09:04:59
Gold touches six-week low