Gold gains as new COVID-19 variant lifts safe-haven demand

gold gains as new covid 19 variant lifts safe haven demand

Sumary of Gold gains as new COVID-19 variant lifts safe-haven demand:

  • Article content Gold prices gained on Friday, as concerns over the spread of a newly identified coronavirus variant boosted the metal’s safe-haven appeal, although bullion was set for a weekly drop on growing bets the U.S. Federal Reserve could turn more hawkish.
  • U.S. gold futures advanced 0.8% to $1,797.70. The variant, detected by scientists in South Africa, may be able to evade immune responses and has prompted Britain to hurriedly introduce travel restrictions on the African nation.
  • Article content Further aiding gold’s climb, the dollar index eased 0.2% from a 16-month peak scaled earlier this week, while U.S. benchmark 10-year Treasury yields also weakened.
  • “A rate hike cycle is generally negative for gold, but we have to keep an eye on this new COVID variant – if it spreads to the United States, that could weaken growth and I can’t see the Fed hiking rates in that environment,” Stephen Innes, managing partner at SPI Asset Management said.

Want to know more click here go to source.

From -

Generic selectors
Exact matches only
Search in title
Search in content

Site Language

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.