Gold prices surge and reach their best levels in almost a week supported by a weaker U.S. dollar and cratering bond yields. Precious metals maintain a negative outlook despite Wednesday’s rally in the space.
Gold prices soared on Wednesday, bolstered by a deep retrenchment in global bond yields and a weaker U.S. dollar. In the afternoon trade, XAU/USD was up about 2% to $1,670, its best level since last Thursday. During the day, the U.S. dollar dipped more than 1% as the U.S. Treasury curve shifted sharply lower, with the 10-year note sinking more than 20 basis points to 3.80% from its multi-year high of 4.01% set in the overnight session.
. For example, the yield on gilts maturing in 30 years plummeted more than 130 basis points to 3.92%, the largest one-day drop since 1992."quantitative easing" decision . For context, BoE announced a dramatic intervention in the bond market to stave off a crash, pledging unlimited purchases of long-term debt, despite ongoing efforts to tighten monetary policy in the fight to tame sky-high price pressures. The slump in yields quickly spread to other parts of the world, with traders speculating that major central banks will soon have to back off their hawkish strategy to avoid the kind of chaos that is unfolding in the UK.
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