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Commodities

29 Sept 2021

Gold Edged Up Slightly as U.S Treasury Bonds Climb

Gold Edged Up Slightly as U.S Treasury Bonds Climb

The Index Today

Gold went up on Wednesday morning in Asia but still staying close to a seven week low. Rising U.S Treasury Yields and the optimistic dollar have kept the safe-haven asset under pressure.
Gold Futures went slightly up 0.20% to $1,741.05 after declining to $1,726.19. This was the lowest level gold fell to since August 11. On the other hand, dollar also went down on Wednesday.
As investors continued monitoring the standstill debt-ceiling fiasco after republicans blocked the bill, 10-year U.S Treasury Yields continued to peak close to a three month high. Fed Chair Jerome Powell and U.S Treasury Secretary Janet Yellen have warned the nation that if the debt ceiling was not raised soon, the effects could be catastrophic economically.
Yesterday’s U.S Conference Board Consumer Confidence Index fell showed a decline for three-consecutive months now at 109.2. In other news, silver went up 0.1%, platinum went down 0.1% and palladium rose by 1%.