Gold Rises to the Highest in Nearly a Month as Treasury Yields Drop
Gold rose to the highest in nearly a month early on Thursday as the dollar steadies nd treasury yields eased.
Gold for February delivery was last seen up US$22.10 to US$2,694.50 per ounce, the highest since Dec.12.
The rise comes as investors turn to the metal amid an uncertain geopolitical environment, as President-elect Donald Trump promises disruptive international and domestic policies, wars in the Middle East and Ukraine continue and the outlook for U.S. interest rates is unclear as the Federal Reserve slows the pace of rate cuts.
"Whether it's because of risk and uncertainty, geopolitics and politics, or market volatility, we think gold's role as a perceived safe haven will support it this year," Christopher Louney, a commodities strategist at RBC Capital Markets, noted.
The dollar was steady early, with the ICE dollar index last seen unchanged at 109.09.
Treasury yields fell, with the U.S. two-year note last seen paying 4.266%, down 3.1 basis points, while the yield on the 10-year note was down 5.0 points to 4.657%.
Source: MT Newswires
