Gold, silver settle nearly 3% higher
Gold and silver prices jumped nearly 3% as lower US Treasury yields and a weaker dollar boosted demand for precious metals
Gold and silver prices rose nearly 3% on Wednesday after an unexpected announcement by the US Treasury to increase purchases of long-term bonds sent bond yields and the dollar lower.
The yield on 30-year US Treasuries fell sharply on Wednesday after approaching a 19-year high the previous day, following the Treasury’s announcement that it would double the size of its long-term bond buybacks to support market liquidity.
Meanwhile, inflation concerns remained in focus amid continued geopolitical tensions in the Middle East and the risk of renewed military action between the US and Iran following the expiration of the ceasefire and a halt in negotiations.
|
Gold, silver futures prices |
|||
|
Metal |
Price ($/oz) |
Change ($) |
Change (%) |
|
Gold (December futures) |
4,545.30 |
+124.70 |
+2.82% |
|
Silver (August futures) |
65.734 |
+1.793 |
+2.80% |
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