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Gold advances toward $1320 as 10-year US T-bond yield turns negative on the day

  • Chicago Fed National Activity Index edges lower in February.
  • US Dollar Index struggles to stay strong above 96.50.
  • 10-year US T-bond yield erases early recovery gains.

The precious metal continued to gain value in dollar terms on Monday and came within a touching distance of its highest level since late February near $1320. As of writing, the pair was trading at $1319, adding 0.42% on a daily basis.

Today's first data release from the U.S. revealed that the Chicago Fed's National Activity Index fell to -0.29 in February from -0.25 in January. The US Dollar Index, which spent a large part of the day above 96.50, lost its traction and was last down 0.1% on the day at 96.45. Later in the session, the Dallas Fed Manufacturing Index will be the last data of the day from the United States.

In addition to the USD weakness, the 10-year Treasury bond yield reversed its course after posting modest recovery gains earlier in the day and ramped up the demand for traditional safe-havens by suggesting that markets are starting to move away from risky assets. At the moment, the 10-year yield is dangerously close to the 16-month low that it set on Friday and is losing 0.65% on the day.

Reflecting the sour sentiment, Wall Street opened in the negative territory with the Dow Jones Industrial Average and the Nasdaq Composite losing 0.15% and 0.35%, respectively in the early trade.

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