Gold was up on Thursday morning in Asia, steadying as U.S. Treasury yields eased. A strengthening dollar capped the yellow metal’s gains, however.
The dollar hit a fresh four-month high to the euro on Thursday as the U.S. pandemic response continued to outpace Europe’s, which has been hobbled by extended lockdowns and delayed vaccine rollouts.
Oil prices skidded around 2% as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal.
Asian equities bounced between gains and losses on Thursday as a selloff in Chinese technology shares due to concerns they will be de-listed from U.S. bourses and worries about a semiconductor shortage rattled some investors.
The S&P 500 closed lower on Wednesday as optimism about the economic recovery by Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen was unable to halt a decline in technology shares for a second straight day.