Gold, Silver Continue to Gain Value
NEW YORK (Dispatches) - Gold and silver had substantial gains as multiple events were highly supportive of the safe-haven asset class. Rising geopolitical tensions, recent drops in the yield of 10-year Treasury notes, dollar weakness, a highly accommodative Federal Reserve and concern about the rising national debt all collectively moved gold and silver to multiweek highs.
The last time gold traded to $1784 occurred on February 25. On that date, gold opened above $1800 and closed at $1775. The last time gold closed above today’s highs occurred on February 22. This week gold opened at $1745 and gained approximately $30 based on today’s close.
Gold futures basis the most active June 2021 Comex contract is currently trading up $9.80 (+0.55%) and is fixed at $1776.60. Silver basis, the most active Ma y 2021 Comex contract, is currently trading up $0.061 (+0.23%) and fixed at $26.025. This follows yesterday’s strong gains in both precious metals. Seeing as on Thursday, gold futures gained $28.10, and silver futures gained $0.40.
Dollar weakness provided mild tailwinds as the dollar index is currently fixed at 91.54. The dollar traded at 92.21 on Monday and lost 67 points on the week. The result is that the dollar index was devalued by -0.067% this week.
The U.S. 10-year Treasury note traded lower this week and is now yielding approximately 1.56%. This week’s decline also provided solid tailwinds aiding the safe-haven asset class.
On Wednesday, April 14, Chairman Jerome Powell spoke virtually at the Economic Club of Washington DC. He addressed the concern that many economists have about the ever-growing national debt that has been created from fiscal stimulus as well as the monetary policy of the Federal Reserve.
The last time gold traded to $1784 occurred on February 25. On that date, gold opened above $1800 and closed at $1775. The last time gold closed above today’s highs occurred on February 22. This week gold opened at $1745 and gained approximately $30 based on today’s close.
Gold futures basis the most active June 2021 Comex contract is currently trading up $9.80 (+0.55%) and is fixed at $1776.60. Silver basis, the most active Ma y 2021 Comex contract, is currently trading up $0.061 (+0.23%) and fixed at $26.025. This follows yesterday’s strong gains in both precious metals. Seeing as on Thursday, gold futures gained $28.10, and silver futures gained $0.40.
Dollar weakness provided mild tailwinds as the dollar index is currently fixed at 91.54. The dollar traded at 92.21 on Monday and lost 67 points on the week. The result is that the dollar index was devalued by -0.067% this week.
The U.S. 10-year Treasury note traded lower this week and is now yielding approximately 1.56%. This week’s decline also provided solid tailwinds aiding the safe-haven asset class.
On Wednesday, April 14, Chairman Jerome Powell spoke virtually at the Economic Club of Washington DC. He addressed the concern that many economists have about the ever-growing national debt that has been created from fiscal stimulus as well as the monetary policy of the Federal Reserve.