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Gold is falling to the red
13:23 - 12/03/2021
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The information / Baghdad ..
Gold prices fell today, Friday, with the increase in US bond yields and the strength of the dollar, but despite this decline, the metal is heading towards recording its best weekly performance in seven weeks.
Spot gold fell 0.3 percent to $ 1716.86 an ounce, by 05:46 GMT. The metal fell to its lowest level in nine months on Monday, but the decline in Treasury yields sparked a recovery in gold's position on the path of achieving a weekly gain of 1 percent.
“It is basically the job of high returns, and although the returns have not continued to rise, the problem is that they have not decreased, and this is a problem,” said Stephen Ince, chief market strategist at Axi Financial Services.
He added, "Gold will stabilize at about $ 1,700 unless we reach a new level due to high returns."
Record US Treasury yields rose, raising the opportunity cost of holding gold, while the dollar recovered from its lowest level in nearly a week.
As for the other precious metals, silver fell 0.6 percent to $ 25.91 an ounce, but it is heading towards recording the best week since late January, up 2.9 percent. Palladium fell 0.2% to $ 2,339.48.
Platinum rose 0.4% to $ 1,200.31 and is on track to achieve its best weekly performance in four weeks, with a gain of 6.3%.
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