The price of gold rose 5.2 dollars despite hikes in US bond yields

The most active gold contract for April delivery on the COMEX division of the New York Exchange lifted $ 5.40, or 0.31 percent, to close at $ 1,732.50 an ounce.

Gold futures rose in late trading Thursday (Friday morning WIB), bouncing back from the previous day's decline as investors digested the announcement of the results of the US Federal Reserve's two-day policy meeting, but gains were hampered by a surge in yields on stronger US bonds and dollar. .

The most active gold contract for April delivery on the COMEX division of the New York Exchange lifted $ 5.40, or 0.31 percent, to close at $ 1,732.50 an ounce. after falling more than 10 US dollars to session lows below 1,717 US dollars.

The day before, Wednesday (17/3/2021), gold futures eroded 3.8 US dollars or 0.22 percent to 1,727.10 US dollars. Gold futures strengthened 1.7 US dollars or 0.1 percent to 1,730.90 US dollars per ounce on Tuesday (16/3/2021), after lifting 9.40 US dollars or 0.55 percent to 1,729.20 US dollars in Monday (15/3/021).

On the spot market, however, gold is trading lower, as investors try to adjust to the uncertainty created by the Federal Reserve's dovish stance on rising US government bond yields.

Also read: exchange rate slightly strengthened overshadowed by high yields on US bonds

The spot price of gold fell 0.70 percent to 1,732.99 US dollars per ounce at 01.49 pm local time (1749 GMT), after touching its highest level since March 1 at 1,755.25 US dollars.

Investor uncertainty grew after Fed Chair Jerome Powell at a press conference after the Federal Open Market Committee (FOMC) meeting on Wednesday (17/3/2021) refused to provide hints about the central bank buying more bonds to lower yields that have soared since the start of the year. The rise in yields has limited risk assets rally.

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Powell said the US unemployment rate is likely to continue to decline from 6.2 percent in February while inflation is rising to 2.4 percent and expects rapid economic growth of 6.5 percent as the coronavirus pandemic unfolds. But that's still not enough to raise interest rates, said the Fed Chair.

Also read: The rupiah strengthens after the Fed's decision to hold on to interest rates The

yield on the 10-year US government bond which is used as a reference jumped above 1.74 percent for the first time since January 2020, while the dollar rose 0.5 percent.

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The Fed chairman on Wednesday (17/3/2021) repeated his pledge to hold interest rates near zero in a bid to keep the economic recovery on track even if inflation breaches the 2.00 percent target this year.

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"Powell's comments yesterday on interest rates were very supportive of gold, but on the other hand the fact that 10-year bond yields continue to rise has limited gold's advance," said Bob Haberkorn, senior market strategist at RJO Futures.

Some investors view gold as a hedge against higher inflation fueled by stimulus measures, but higher yields on US government bonds blunt some of the attractiveness of non-yielding commodities.

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"On the one hand, the regime does not bode well for investment flows into gold, and that is creating downside pressure. On the other hand, we are seeing some buyers easing," said TD Securities commodity strategist Daniel Ghali.

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Another precious metal, silver for May delivery rose 29.3 cents, or 1.12 percent, to close at 26.351 dollars per ounce. Platinum for April delivery rose 18.20 dollars, or 1.52 percent, to settle at 1,217.50 dollars per ounce.