Gold prices flat ahead of the US inflation data report to be published on Tuesday that could define the outlook for global interest rates, amid the US dollar and the US 10-year bond yields firming to 5-week highs
Suspected short-covering by speculators in Comex futures and options saw the Dollar gold price touch 5-month highs and silver hit its best in 7 months as China removed more zero Covid restrictions and the Opec+ oil cartel held onto output cuts as the West imposed a price cap on Russian crude
Gold prices dipped Monday as the US Dollar rose, China tightened its zero Covid lockdowns, and short-covering in Comex futures and options contrasted with GLD and IAU ETF outflows
Gold prices dropped alongside global stocks and bond markets as the US dollar jumped, with US inflation coming in hotter-than-expected to hit a 40 year-high.
Gold and silver prices extended last week s rise in London trade Monday, gaining after hedge funds and other speculators in Comex futures and options cut their bearish bets but gold ETFs led by the GLD shrank again