Gold prices rally again!
The most-actively traded gold contract rose 0.5% to $1,835.40 a troy ounce Tuesday!
Mainly boosted by China’s plan to scrap quarantine requirements for international travelers.
Tweet on Gold price rally
Gold Prices Rally again!
The most-actively traded gold contract rose 0.5% to $1,835.40 a troy ounce Tuesday, boosted by China’s plan to scrap quarantine requirements for international travelers.#gold pic.twitter.com/gbAgBfKlF7
— The_Journalbiz (@the_journalbiz) January 3, 2023
Bloomberg yearly gold chart prices
Analysts say that the move represents a shift toward opening the world’s largest commodity consumer. Chinese consumers are big buyers of physical gold.
Another reason for higher gold prices: Yields on the 10-year Treasury note declined Tuesday morning. Higher yields make holding ultrasafe U.S. government bonds more attractive, while gold doesn’t pay anything.
Shares of Colorado-based mining company Newmont jumped 3.4%, among the S&P 500’s top gainers. Shares of miners tend to be more volatile than gold prices themselves.
