WASHINGTON (dpa-AFX) - Safe-haven demand boosted by renewed geopolitical tensions as well as expectations of further monetary easing by central banks lifted gold prices to a fresh all-time high in Monday's trade. The dollar's decline as well as the easing in ten-year treasury yields in the U.S. supported sentiment.
The six-currency index which measures the U.S. dollar's strength against a basket of currencies is currently at 98.40 versus 98.60 at the previous close. During the day, the index traded between 98.32 and 98.65, way below the 52-week high of 110.18.
Ten-year sovereign bond yields in the U.S. eased almost half a percent, reducing the opportunity cost of holding gold that is typically non-interest-bearing. Ten-year U.S. treasuries declined 0.43 percent to 4.163 percent. The day's trading ranged between 4.154 percent and 4.17 percent, way below the 52-week high of 4.809 percent.
Gold Futures for February settlement are currently trading at $4,462.70, gaining 1.7 percent from the previous close of $4,387.30. Prices touched an all-time high of $4,463.60 earlier in the trade.
With today's surge, prices represent a weekly rally of 2.97 percent, a monthly addition of 8.45 percent and a year-to-date price gain of more than 69 percent. The yellow metal has witnessed a price jump of more than 148 percent over the 3-year horizon.
Spot Gold too touched a fresh all-time high of $4,429.23 in Monday's trading. Spot Gold is currently trading 1.94 percent higher on an overnight basis at $4,422.89 per troy ounce.
At current prices, Gold Futures and Spot Gold have both gained more than 67 percent over the past year.
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