Gold’s New Year Rally Loses Momentum as Equities, Yields Advance
- Precious metal set for its first drop in seven sessions
- Investors tracking runoff races in Georgia with Senate in play
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Gold was set to snap its longest rally since July as gains in equities and U.S. Treasury yields reduced demand for the non-interest-bearing metal.
The S&P 500 climbed toward a record after Democrats looked poised to take control of Congress, potentially unleashing a torrent of federal spending to revive growth. U.S. Treasury yields broke above 1% for the first time since the pandemic-driven turmoil in March.