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Gold prices are up for the day but off highs. XAU/USD jumped to $1815 during the European session but then turned to the downside, pulling back under 1800$. The risk aversion environment kept gains limited and favoured the retreat.
US Treasuries are sharply higher on the back of risk aversion. The US 10-year is at the lowest since November 10 at 1.49%, after being near 1.70% two days ago; the 30-year is down 6% at 1.84%.
Concerns about the new COVID-19 variant weighed on market sentiment and is looking to affect monetary policy expectations. The restrictions announcements across Europe pushed equity and crude oil prices sharply to the downside.
Initially, XAU/USD reacted to the upside, boosted by lower US yields. The rally was limited, and as of writing, it is retreating, affected by the global sell-off and a mixed US dollar. A firm recovery above $1810 could remove the negative tone in the short term; while a daily close under $1780 would suggest more losses ahead.