Gold down on strong bond yields

By Xu JingUnreguser
  • World
  • Saturday, 15 Aug 2020

CHICAGO, Aug. 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as U.S. treasury bonds strengthened.

The most active gold contract for December delivery fell 20.6 U.S. dollars, or 1.05 percent, to close at 1,949.8 dollars per ounce.

Gold was under extensive pressure, falling for the first week since June, as the U.S. Treasury's 10-year note yield touched its highest level in eight weeks on Thursday and remained at a high level on Friday.

Positive economic figures also dampened gold. A report showed the productivity of American workers rose at a 7.3 percent annual rate in the second quarter, far exceeding a market projection of 1.4 percent and the largest increase since 2009.

Meanwhile, a report of the Federal Reserve showed the industrial production in the United States rose 3 percent in July, better than expected.

Nevertheless, gold found some support as a report released by the U.S. Department of Commerce on Friday showed U.S. retail sales rose 1.2 percent in July, worse than expected.

Silver for September delivery fell 1.629 dollars, or 5.88 percent, to close at 26.089 dollars per ounce. Platinum for October delivery fell 23.9 dollars, or 2.43 percent, to close at 959.1 dollars per ounce.

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