International gold extended its rally after closing at another all-time high yesterday amid strong demand for Treasuries signaling investors’ betting... The post International gold extends rally after closing at all-time high appeared first on Mettis Global Link.
December 28, 2023 (MLN): International gold extended its rally after closing at another all-time high yesterday amid strong demand for Treasuries signaling investors’ betting on loosening monetary policy in 2024.
US bond yields dropped yesterday to their lowest level since July amid swaps markets pricing in nearly 90% chance of an interest rate cut by March.
A lower bond yield means a lower opportunity cost for holding zero-yielding gold, which is bullish for gold.
Spot gold is currently trading at 2086.41, up by 0.41% DoD.
The yellow metal is up 14.46% this year, on track for its first yearly gain in three years.
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Posted on: 2023-12-28T10:49:42+05:00
The post International gold extends rally after closing at all-time high appeared first on Mettis Global Link.