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PRECIOUS-Gold under pressure as dollar firms, Treasury yields gain

Published 11/01/2021, 02:04
Updated 11/01/2021, 02:06
© Reuters.
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Jan 11 (Reuters) - Gold prices fell on Monday, after
slumping more than 4% in the previous session, as the dollar
strengthened and U.S. Treasury yields remained elevated, denting
the non-yielding metal's appeal.

FUNDAMENTALS
* Spot gold XAU= was down 0.2% to $1,844.51 per ounce by
0044 GMT, after having touched its lowest since Dec. 15 on
Friday. U.S. gold futures GCv1 gained 0.5% to $1,844.
* U.S. Treasury yields held firm after a plunge in payrolls
last month raised expectations of more federal spending to aid
the virus-battered economy, helping the dollar .DXY rise 0.2%
against rival currencies. US/ USD/
* A stronger dollar makes bullion more expensive for holders
of other currencies, while higher bond yields increase the
opportunity cost of holding the non-interest yielding gold.
* The U.S. economy shed jobs for the first time in eight
months in December as the country buckled under an onslaught of
COVID-19 infections. * U.S. President-elect Joe Biden said the U.S. jobs report
issued on Friday shows Americans need more immediate relief now
and that taking action now will help the economy even with
deficit financing. * U.S. House Speaker Nancy Pelosi told lawmakers late Sunday
that they would call on Vice President Mike Pence and the
cabinet to remove President Donald Trump from office before
moving to impeachment. * Physical gold discounts slipped to their lowest since June
in top consumer China last week, as a stronger yuan encouraged
some buying. * Speculators upped their bullish positions in COMEX gold
and silver contracts in the week to Jan. 5, data showed on
Friday. * Silver XAG= declined 1% to $25.12 an ounce, having
plunged as much as 9.8% on Friday.
* Platinum XPT= fell 1.5% to $1,048.61, while palladium
XPD= shed 0.1% to $2,368.31.

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