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Gold Back Above $1,800 as U.S. Treasury Yields Swoon

By Barani Krishnan

Gold returned to above $1,800 an ounce on Monday as Treasury yields fell amid a bump up in risk appetite that also ended up benefiting the yellow metal.

U.S. gold futures’ most active contract, December, rose $10.50, or 0.6%, to settle at $1,806.80 per ounce on New York’s Comex.

It was the first time since mid-September that a benchmark gold futures contract on Comex had settled above the $1,800 level, which the long-gold crowd sees as key to re-entering record high territories above the $2,000 level hit in August 2020.

“Gold prices are back above $1,800 as investors worry about longer-lasting inflation and as Europe and Asia continue to battle COVID,” said Ed Moya, head of research for the Americas at online trading platform OANDA.

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“Gold could face resistance at the $1,840 level, with the $1,875 level providing major resistance.”

Benchmark Treasury yields on the U.S. 10-year note fell to a session low of 1.6240% after hitting a five-month peak of 1.7% last week, reducing the opportunity cost for holding non-yielding gold.

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