Tom Lydon, CEO of ETF Trends and ETF Database, Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA Research, and Jason Bloom, director of global macro ETF strategy at Invesco, break down the rush to gold with CNBC’s Bob Pisani.
Gold fell on Monday as U.S. Treasury yields rose and plans by many countries to ease coronavirus-induced lockdowns whetted investor appetite for riskier assets, but unprecedented stimulus measures from governments provided underlying support.
Spot gold fell 1% to $1,710.71 per ounce, having earlier dropped as much as 1.3% to $1,704.45. U.S. gold futures settled 0.7% lower at 1,723.80.
“While the broader macro backdrop remains supportive for gold prices in the near term, they’re tracking real yields most closely. U.S. treasury yields are ticking higher this morning and that has ended up weighing down gold prices,” said Standard Chartered Bank analyst Suki Cooper. “Safe-haven buying has continued to support gold primarily through ETF inflows and continued retail investor demand … So if we see different economies starting to reopen, we might see some of that safe haven demand starting to ease.”
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