Gold down on high U.S. bond yields

By Xu JingUnreguser
  • World
  • Saturday, 09 Jan 2021

CHICAGO, Jan. 8 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as high U.S. Treasury bond yields drew investors away from gold.

The most active gold contract for February delivery fell 78.2 U.S. dollars, or 4.09 percent, to close at 1,835.4 U.S. dollars per ounce.

This is the lowest settlement of gold futures since Dec. 14, as well as the worst one-day percentage loss for a most-active contract since Nov. 9.

Negative jobs report failed to offer any support to gold. U.S. Department of Labor reported on Friday that the United States lost 140,000 jobs in December, as it gained 336,000 jobs in November.

Silver for March delivery fell 2.624 dollars, or 9.63 percent, to close at 24.637 dollars per ounce. Platinum for April delivery fell 53.3 dollars, or 4.74 percent, to close at 1,071.3 dollars per ounce.

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