Gold books sharpest daily drop in over 3 months, settles at over 2-week low, as Treasury yields and dollar pop

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Gold futures on Monday skidded lower, suffering the steepest daily decline in more than three months, as a rally in yields and a strengthening of the U.S. dollar buffeted precious metals. December gold GCZ21, -2.40% GC00, -2.40% ended down $45.30, or 2.4%, to settle at $1,806.30 an ounce. The yellow metal booked a third straight decline, matching the longest such skid since the period ended Oct. 11. and finished at the lowest point since Nov. 4. Trading for the precious metal came as the dollar, as measured by the U.S. ICE Dollar Index DXY DXY, +0.45%, was up less than 0.5%, hanging near the loftiest level since the summer of 2020. On top of that, the 10-year Treasury note yield TMUBMUSD10Y, 1.620% was up around 1.62%, compared with a Friday afternoon level at 1.535%. Those moves came as the White House announced that Biden has nominated Jerome Powell to another four-year term as Fed Chairman, and has decided to nominate Fed Gov. Lael Brainard to serve as the central bank’s vice chairwoman.

This article was originally published by Marketwatch.com. Read the original article here.

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