Gold Fails to Benefit from Safe-Haven Demand, Slumping as Yields Surge

Renewed sovereign concerns in the European periphery hurt risk appetite and triggered a flow to safe-haven assets. However, only US dollar and Swiss franc benefited while gold slumped together with the euro and its metal counterparts. Surge in Treasury yields after stronger-than-expected economic data lifted USD further but weighed on equities. Gold reversed its 2-day rebound with a loss of -1.29%. Price slumped to as low as 1378.2 before settling at 1386.2.

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Gold Fails to Benefit from Safe-Haven Demand, Slumping as Yields Surge