Gold prices tumbled further on Wednesday during Asia hours, after plunging to a record one-day low overnight on Tuesday.
, continuing its climb since last week as optimism spiked on positive vaccine news.
Vishnu Varathan, head of economics and strategy at Mizuho Bank pinned the rising yields on a few factors: vaccine hopes, falling number of infections and hospitalization rates in the U.S. A jump in U.S. producer data also helped boost optimism, he added. Meanwhile, the U.S. producer price in July came in better than expected, rising 0.6% versus an expected 0.3% increase according to Dow Jones estimates.
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