- Gold rose Thursday, heading for its second daily gain in a row after plunging the most in seven years on Tuesday.
- Tuesday’s slump was set off by rising US bond yields.
- Both gold and silver have reversed course after a week of volatile trading and are trending higher again.
- Watch gold trade live on Markets Insider.
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Gold edged higher on Thursday, heading for its second daily gain after falling the most in seven years on Tuesday.
Spot gold rose as much as 1.4% to $1,942.67 an ounce on Thursday, continuing Wednesday’s gains. On Tuesday, the precious metal slumped nearly 6%, the biggest one-day loss since 2013.
The plunge came just after gold hit a record high, surpassing $2,000 an ounce, one week earlier, lifted by hopes of further US coronavirus stimulus.
“We are continuing to see a bounce back in previous metal markets, although there’s still some way to go to get back to last week’s peak,” said Craig Erlam, senior market analyst at OANDA, in a Thursday note. “Treasury yields have remained off their lows which is likely holding back prices.”
Silver also rose, reversing losses from earlier in the week. Spot silver gained nearly 5% to $26.76 an ounce on Thursday.
Spot gold has surged more than 27% year-to-date.
