• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 5 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 5 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 19 hours U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 24 hours Nord Stream - US/German consultations
  • 3 days An Indian Opinion on What is Going on in China
  • 3 days Can Technology Keep Coal Plants Alive and Well?
  • 4 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 8 hours Forecasts for Natural Gas
  • 17 hours Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Storage of gas cylinders
  • 4 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Premium Content

Gold Prices Slide To 10-Month Low

Gold prices continued to slide on Monday as the dollar and US treasury yields kept marching higher and prompted investors to dump the non-yielding metal.

Spot gold dropped another 1.2% to $1,679.67 per ounce by 11:40 a.m. EST, its lowest since early June. US gold futures too fell by 1.2%, down to $1,677.40 per ounce.

Meanwhile, the greenback climbed to a three-month peak, while the US 10-year Treasury yield held close to a more than one-year high, increasing the opportunity cost of holding gold, which pays no interest.

“We have an economy that is recovering and inflation is materializing; that ultimately means that yields have room to move higher,” Bart Melek, head of commodity strategies at TD Securities told Reuters in a note, adding that gold could fall further towards $1,660 as a result.

Even US Congressional approval of President Joe Biden’s $1.9 trillion covid-19 relief package, which would have raised inflation expectations, failed to keep the precious metal afloat.

Gold is widely considered a hedge against inflation that is likely to stem from widespread stimulus, but higher bond yields this year have threatened that status as they translate into a higher opportunity cost of holding bullion.

Analysts also said US Federal Reserve Chair Jerome Powell’s failure to address the recent surge in yields last week further pressured gold.

By Mining.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News