Gold tests new high as weaker dollar and falling bond yields fuels its safe-haven appeal
Sydney — Gold scaled a new high on Wednesday as a weaker dollar and falling bond yields burnished its safe-haven appeal, while shares were mostly lower as investors balked at the ballooning cost of the coronavirus pandemic.
Investors are counting on even more spending in the US, with White House negotiators vowing to work “around the clock” to reach a deal by the end of the week. The US has reported more than 4.7-million coronavirus cases and more than 157,000 deaths, the highest globally. More central bank support is also dragging US treasury yields lower, led by the long-end of the curve, and helping “fire-up gold’s glitter”, they said.The dollar was under pressure with the safe-haven Japanese yen rising to ¥105.66 as the bond market’s dim view of the US recovery sent real yields further into negative territory and nominal yields near record lows.
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