Spot Gold at $5,174/Oz as Dollar Rally and Bond Yields Weigh on Gold ETF
Spot gold traded at $5,174 per ounce following weekly U.S. jobless claims of 213,000 and a 7.2% January rise in housing starts. Gold-backed ETF AAAU saw price pressure as the dollar index rallied and Treasury yields climbed, offsetting gains from geopolitical uncertainty and resilient supply.
1. Spot Gold Holds Near $5,174/Oz
Spot gold traded around $5,174 per ounce in early U.S. trading, underpinning the opening price stability of gold-backed ETF AAAU as intraday volatility remained muted.
2. U.S. Jobless Claims and Housing Start Surge Influence Demand
Weekly U.S. jobless claims held at 213,000, supporting safe-haven demand, while January housing starts jumped 7.2%, signaling stronger economic momentum that can weigh on gold appeal.
3. Dollar Index Rally and Rising Treasury Yields Pressure Gold
A rally in the U.S. dollar index and climbing Treasury yields tilted market sentiment against gold, exerting downward pressure on AAAU’s net asset value.
4. Supply Resilience and Geopolitical Tensions Offer Support
Gold supply remains highly resistant to depletion or manipulation by miners, underpinning long-term value, while ongoing geopolitical uncertainties provide intermittent bullish support.