The New York gold contract closed overnight (February 25) as investors poured out the gold contract, a safe haven. After the US bond yields soared. And the US released economic data that was better than expected This encourages investors to invest in risky assets with higher returns. And reduce investment in safer assets such as gold
COMEX (Commodity Exchange) gold contract for April delivery It was down $ 22.5, or 1.25 percent, to $ 1,775.4 an ounce.
Silver metal contract for May delivery It was down 24.3 cents, or 0.87 percent, to 27.685 dollars an ounce.
Platinum contract delivered in April. It was down $ 26.4, or 2.1%, to $ 1,231.5 an ounce.
Palladium contract delivered in June. Down $ 16.70, or 0.7 percent, to $ 2,414.80 an ounce.
The New York gold market is under pressure. Because investors pour out gold contracts After the US 10-year bond yield hit a one-year high of 1.53%.
Gold prices have fallen nearly 6 percent this year, after their biggest jump in 2020 in 10 years amid concerns about the epidemic of COVID-19, low interest rates. And major economic stimulus measures
The better-than-expected US economic data prompted investors to sell gold, a safer asset. The number of first-time unemployment benefits fell to 730,000 last week, according to the US Labor Department. That was the lowest level since the week ended Nov 28, 2020 and lower than the 845,000 analysts expected.
The Commerce Department released its second estimate of gross domestic product (GDP) for the fourth quarter of 2020, indicating that the US economy grew 4.1%, better than the first estimate of 4.0% and the Commerce Department. The US also revealed that U.S. orders for durable goods, such as planes, automobiles and large machinery, with a three-year or more lifespan of three years, jumped 3.4 percent in January after rising 1.2 percent in December.
– .
