Energy

Gold prices fall rising yields amid vaccine optimism, rising dollar

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Andrew Rudakov | Bloomberg | Getty Images

Gold prices tumbled further during Asia hours on Wednesday, a day after the precious metal plunged to a record one-day low overnight.

Prices declined more than 5% to $1,927.39 per ounce on Tuesday – the worst single-day rout in seven years and a far cry from Friday’s record intraday high of $2,089.20. Spot gold prices had shot above the $2,000 level for the first time last week.

By Wednesday morning, spot gold prices plunged further – to $1,876.32, before clawing back gains to trade at $1,917.39 in the afternoon.

Analysts pegged that tumble to rising U.S. real yields on optimism surrounding the virus, among other factors. The dollar has also…



Source cnbc.com

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