Gold ends at new record high despite rising US dollar, bond yields

Gold and silver bars 

Gold prices hit a record high at close today, Oct. 21, despite the rise in the US dollar and Treasury yields, with investors weighing the possibility of interest rate cuts and geopolitical tensions.

December gold futures grew by 0.30%, or $8.90, to finish at a record of $2,738.90 per ounce, albeit below the session's all-time high of $2,755.39.

This came despite the US dollar index, which gauges the greenback's strength against a basket of six currencies, adding 0.50% to reach 104.01 points at 09:59 pm Makkah time.

Moreover, the US 10-year Treasury yields climbed to their highest levels in about three months, amid concerns that the Federal Reserve would not ease monetary policy at the previously-anticipated pace.

Dallas Federal Reserve Bank President Lori Logan warned of the possibility of worsening inflation, calling for the gradual reduction in interest rates. Elsewhere, Apollo Global Management said there was a chance of keeping interest rates unchanged in November.