Gold Winning as Stocks Fall Due to Troubles in Washington And Vaccine Distribution Slows

Gold rose today, Tuesday, to recover from its lowest level in six weeks that touched it in the previous session, as stocks fell due to political turmoil in Washington and the slow pace of vaccination with anti-Covid-19 vaccines around the world.

Gold rose in immediate transactions 0.8% to 1860.10 dollars an ounce. Prices touched their lowest levels since December 2 on Monday. And US gold futures won 0.5% to $ 1,860.

Asian stocks fell from record highs as Democrats in the House of Representatives moved towards requesting the impeachment of US President Donald Trump in the wake of the Congressional siege last week and a spike in Covid-19 infections.

And record yields on US Treasury bonds for ten years at the highest level in ten months, helping the dollar and increasing the cost of gold.

Rising bond yields increase the opportunity cost of holding the no-yielding yellow metal.

And Coronavirus cases worldwide have reached more than 90 million, at a time when countries are facing difficulties regarding the vaccination operations.

As for the other precious metals, silver gained 2.2% to $ 25.47 an ounce. Platinum rose 3.1% to $ 1,062.83, while palladium rose 0.2% to $ 2,376.57.