Gold prices scaled a more than four-month peak on Tuesday, as the dollar and U.S. Treasury yields slipped amid expectations that the U.S. Federal Reserve will keep its monetary policy accommodative.
Silver hits highest level since February (Updates prices)
May 18 (Reuters) - Gold hit nearly a four-month peak on Tuesday before easing slightly as yields on U.S. Treasuries inched higher, with a weaker dollar and inflation fears maintaining a floor under bullion prices.
Spot gold was up 0.1% to $1,868.57 per ounce by 1:47 p.m. EDT (1747 GMT) after hitting its highest level since Jan. 29 earlier in the session. U.S. gold futures settled at $1,868, largely unchanged from Monday.
“Yields just picked up just a notch,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.
“The weaker dollar has provided most of the support. (But) gold has had a pretty good run, but it’s not in a bullish market at all.”
Platinum market will be undersupplied this year -WPIC Silver hits highest in nearly three months (New throughout, updates prices, market activity and comments)
May 17 (Reuters) - Gold prices climbed on Monday to their highest in more than three months, with the precious metal appealing to cautious investors as U.S. Treasury yields remained subdued even as stock prices fell on inflation worries.
Spot gold jumped 1.3% to $1,866.84 per ounce by 1:50 p.m. EDT (1750 GMT), after hitting its highest since Feb. 1 at $1,868.26. U.S. gold futures settled up 1.6% at $1,867.60.
“There’s a flight to safety out of the equity markets . and anticipation that we’re going to continue to see inflation numbers trend much stronger going forward,” said Jeffrey Sica, founder of Circle Squared Alternative Investments.