U.S. Treasury prices move higher amid concerns over coronavirus infections, geopolital tension

U.S. government debt prices were higher Monday morning as investors searched for so-called safe havens amid concerns over the global economy, the spread of Covid-19 and geopolitical tensions.

At around 4 a.m. ET, the yield on the benchmark 10-year Treasury note fell to 0.5823% and the yield on the 30-year Treasury bond dropped to 1.2249%. Yields move inversely to prices.

This comes on the back of gold prices hitting new records on Monday. 

Recent growing Covid-19 infections in certain parts of the world have raised concerns over the prospects for the global economy. India, Hong Kong, as well as certain regions of Europe, have seen spikes in recent days. 

On the data front, there will be durable goods numbers at 8:30 a.m. ET and Dallas Fed manufacturing figures will be released at 10:30 a.m. ET.

The U.S. Treasury is due to auction $105 billion in 13-week and 26-week bills; $48 billion in two-year notes; and $49 billion in five-year notes. 

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