Iron-ore prices that touched record highs in May plunged to their biggest monthly loss ever after decarbonisation in China, including limits on steel output, hurt demand for the raw material used to produce it, said analysts.
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Gold gains ground as Yellen calms US inflation fears
Gold rose 0.3% to $1 774.03 an ounce by 12:20 p.m. in Singapore after dropping 0.5% last week.
By Swansy Afonso, Bloomberg
3 May 2021 08:30
Image: Chris Ratcliffe/Bloomberg
Gold advanced after its first weekly decline in four as US Treasury Secretary Janet Yellen said the presidentâs economic plan wonât stoke inflationary pressures. Palladium gained.
President Joe Bidenâs economic plan is unlikely to create inflation pressure in the US because the boost to demand will be spread over a decade, Yellen, the former Federal Reserve chair, said Sunday on NBCâs âMeet the Press.â
Gold Gains Ground as Yellen Calms U.S. Inflation Fears
Swansy Afonso, Bloomberg News A one-ounce Britannia gold coin sits on one hundred gram gold bars at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold held its ground after a record-setting rally as investors awaited the outcome of a Federal Reserve meeting amid expectations policy makers will remain dovish, potentially spurring more gains. Photographer: Chris Ratcliffe/Bloomberg , Bloomberg
(Bloomberg) Gold advanced after its first weekly decline in four as U.S. Treasury Secretary Janet Yellen said the presidentâs economic plan wonât stoke inflationary pressures. Palladium gained.