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Nov. 22, 2021, 1:45 p.m. EST

Gold books sharpest daily drop in over 3 months, settles at over 2-week low, as Treasury yields and dollar pop

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By Mark Decambre

Gold futures on Monday skidded lower, suffering the steepest daily decline in more than three months, as a rally in yields and a strengthening of the U.S. dollar buffeted precious metals. December gold /zigman2/quotes/210034565/delayed GC00 +0.23% ended down $45.30, or 2.4%, to settle at $1,806.30 an ounce. The yellow metal booked a third straight decline, matching the longest such skid since the period ended Oct. 11. and finished at the lowest point since Nov. 4. Trading for the precious metal came as the dollar, as measured by the U.S. ICE Dollar Index DXY /zigman2/quotes/210598269/delayed DXY -0.10% , was up less than 0.5%, hanging near the loftiest level since the summer of 2020. On top of that, the 10-year Treasury note yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y 0.00% was up around 1.62%, compared with a Friday afternoon level at 1.535%. Those moves came as the White House announced that Biden has nominated Jerome Powell to another four-year term as Fed Chairman, and has decided to nominate Fed Gov. Lael Brainard to serve as the central bank's vice chairwoman.

US : U.S.: Nymex
$ 1,836.10
+4.30 +0.23%
Volume: 221,210
Jan. 21, 2022 4:59p
US : U.S.: ICE Futures U.S.
-0.10 -0.10%
Volume: 0.00
Jan. 21, 2022 4:59p
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.00 0.00%
Volume: 0.00
Jan. 21, 2022 4:56p

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