Gold inched higher on Monday as a weaker dollar and US Treasury yields bolstered its appeal, while investors awaited key data this week to assess the pace of economic recovery in the United States. Spot gold was up 0.1 per cent at $1,882.61 per ounce at 10:25 am EDT (7:55 pm IST), having last week reached its highest since Jan. 8 at $1,889.75. US gold futures gained 0.3 per cent to $1,881.50. Gold in New Delhi gained Rs 95 to Rs 48,015 per 10 gram amid a positive global trend and rupee depreciation, according to HDFC Securities. In the previous trade, it had closed at Rs 47,920 per 10 gram. A tick lower in the dollar and U.S. yields is acting in gold s favour, Bob Haberkorn, senior market strategist at RJO Futures said, adding stronger equity markets were providing a counterweight.
Gold price rises to 4-month high as investors fly to safety
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Gold climbed to its highest in four months on Wednesday as bond yields slipped and equity markets tumbled on rising inflation concerns, boosting demand for the safe haven metal.
Spot gold rose as much as 1.1% to $1,890.13 an ounce, the highest since the first week of January, before trading at $1,883.41 at 11:50 p.m. ET. US gold futures also gained 0.9%, trading at $1,885.70 an ounce in New York.
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Meanwhile, US equities fell on concern about faster inflation and covid-19 flareups in some nations. Technology stocks extended a slide as Bitcoin’s plunge sent cryptocurrency-linked assets lower.
Gold’s new short term range is $1,850-$1,890- analyst U.S. yields jump to their highest in nearly a week (Recasts, updates prices, adds comments)
May 19 (Reuters) - Gold fell on Wednesday from a more than four-month high it hit earlier in the session as the dollar and U.S. Treasury yields rose after minutes from a Federal Reserve meeting showed the central bank might be inching closer to taper talks.
Spot gold eased 0.1% to $1,866.64 by 3:34 p.m. EDT (1934 GMT), having earlier risen as much as 1.2% to its highest since Jan. 8 at $1,889.75. U.S. gold futures settled up 0.7% at $1,881.50.
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Gold jumped as much as 1.2% to a more than four-month high on Wednesday as weaker equity markets and inflation concerns boosted bullion’s safe-haven appeal, with focus turning to minutes from the U.S. Federal Reserve’s latest policy meeting.
Spot gold rose 0.6% to $1,880.24 by 1:41 p.m. EDT (1741 GMT), after hitting its highest since Jan. 8 at $1,889.75. U.S. gold futures settled up 0.7% at $1,881.50.
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“There’s a lot of turmoil in the global equity markets, so there’s flight to safety. Gold has bounced pretty good off its lows. … There’s an opportunity here to move back above $1,900 shortly,” said Bob Haberkorn, senior market strategist at RJO Futures.