Gold is heading to record its worst performance in six years, despite the continued surpassing of prices and reaching $1800 an ounce in limited trading today, Thursday, as the falling dollar faced pressure due to the increase in US Treasury yields.
And according to Arab Net, gold fell in spot transactions 0.1%, to $ 1801.40 an ounce by 03:53 GMT. US gold futures fell 0.2%, to $1802.30.
Gold prices hit their highest level in a month on Tuesday, but fell to their lowest level in a week in the next session before closing unchanged, said Ilya Spivak, currency analyst at Daily FX. Centenary since 2015.
Spivak said the first week of January will provide indications of direction because gold is believed to be stuck between how fast and where inflation is moving, and what and how much the US Federal Reserve does to contain it.
The benchmark 10-year US Treasury yields settled near a month's peak, raising the opportunity cost of holding non-yielding gold.
As for other precious metals, silver fell 0.5% in spot trading, to $22.70 an ounce, platinum fell 0.3%, to $964.96, and palladium fell 0.5%, to $1973.75. They are all heading for their worst performance in several years.
The ups and downs seen over the last 48 hours are indicative of a lack of any of the specific underlying stimuli.
