Gold futures ended near two month high on Wednesday, kindled by the risk aversion in the market followed by worries over spike in Covid-19 infections dulling prospects about the swift economic rebound from the effects of pandemics. The bullion also got support as the benchmark 10-year US Treasury yields languished below 1.6%, reducing the opportunity cost of holding non-interest bearing gold, and as the American currency softened making it cheaper for other currency holders.
Gold futures for June rose by 0.8% to settle at $1,793.10 an ounce on the Comex division of the New York Mercantile. Spot gold rose by 0.9% at $1,792.77 per ounce.