Gold grain at a refinery in Russia. Picture: BLOOMBERG/ANDREY RUDAKOV
Lan, however, said gold is bound to be supported by safe haven demand as more central banks will buy the metal “if Omicron isn’t reined in and continues to be an issue globally”. Benchmark 10-year treasury yields rose to their highest in more than a month on Tuesday, as investors were all set for Fed rate hikes by midyear to curb stubbornly high inflation. Higher yields raise the opportunity cost of holding gold, which does not pay interest.
The US set a global record of reporting almost 1-million new coronavirus infections on Monday, according to a Reuters tally.
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