Gold slides but hovers near seven-week high over plunging U.S. Treasury yields

Lowering U.S. Treasury yields provided gold some boost to hover near its seven-week high, though remaining down on Monday trade in Asia.

Gold futures lowered 0.12% to $1778. Moving inversely to gold is the dollar, which inched up on Thursday, but flirted near a one-month low.

Together with the dollar, the benchmark U.S. 10-year Treasury yields dropped towards a multi-week low, recorded last week.

The continuous rising of coronavirus cases worldwide, which is a perennial concern among investors, helped capped gold’s losses. Additionally,

Investors’ worries about the ever-rising number of COVID-19 numbers globally, alongside the number of global deaths from the virus topping the 3 million mark, also capping gold’s losses.

Adding to the pandemic concern were the slower-than-expected COVID-19 rollout and the spike in mutant COVID-19 strains.

In other precious metals, silver was up 0.4% and platinum added 0.5%. Palladium was down 0.5%.