Breaking: Gold jumps to fresh multi-year highs above $1,710


The troy ounce of the precious metal rose to its highest level since December of 2012 at $1,711 on Monday boosted by risk-off flows. As of writing, the XAU/USD pair was trading at $1,708, adding 1.5% on a daily basis.

The risk-averse market environment as reflected by sharp declines in major equity indexes in the US allows gold to find demand as a safer alternative. At the moment, the Dow Jones Industrial Average is down 2.3% on the day and the S&P 500 is losing 2.1%.

The lack of fresh developments pointing out to a convincing slowdown in coronavirus infections and fatalities globally seems to be keeping investors away from risk-sensitive assets at the start of the week.

Meanwhile, the greenback is staying relatively resilient against its major rivals to keep the pair's gains limited for the time being.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Stop losing your money! 
Learn to trade with us!

24/7 signals + Webinars    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD eases below 1.1900 as USD rises with yields, US CPI eyed

EUR/USD is trading under pressure below 1.1900, as the US dollar rebounds in tandem with the Treasury yields amid rising inflation expectations. Europe's covid concerns continue to undermine the euro. German ZEW and US CPI awaited. 

EUR/USD News

GBP/USD extends fall after UK GDP misses estiamtes

GBP/USD is trading below 1.3750 after UK GDP figures for February missed with 0.4% and despite Britain's successful vaccination campaign. The currency pair has been under pressure as the dollar strengthens across the board alongside yields. US inflation is eyed.

GBP/USD News

Gold defends 21-DMA support amid USD rebound, US CPI eyed

Gold sees some signs of life amid weaker Treasury yields. The yellow metal fell nearly $11 on Monday, extending its two days of declines, as the Treasury yields reversed course and edged slightly higher following a good three-year note auction.

Gold News

Ripple bulls at inflection point

XRP price broke out of a bull pennant on April 10, targeting $1.58 If the buying pressure persists, Ripple might surge another 16% to $1.68. The MRI shows the formation of a cycle top on the 12-hour chart, suggesting a move lower.

Read more

Weekly outlook: Inflation in the spotlight

Inflation and inflation expectations are likely to be in the spotlight in the coming week. We saw a decline in US inflation expectations this week and with that, a decline in bond yields that pressured the dollar.

Read more

Forex MAJORS

Cryptocurrencies

Signatures