Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold Up to Highest Level in Four Months, but Signs of Bullish Trend Also Emerge

CommoditiesMay 24, 2021 12:11
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Gold was up on Monday morning in Asia, trading near its highest level in four months even as hints of a bullish trend start to emerge.

Gold futures were up 0.39% to $1,884.05 by 12:04 AM ET (4:04 AM GMT) after climbing up to $1.890.13, their highest level since Jan. 8, during the previous week.

The dollar, which usually moves inversely to gold, inched up on Monday but remained near its lowest level in three months. The benchmark 10-year Treasury yield fell, remaining near a week low.

Lingering investor concerns about runaway inflation and ongoing COVID-19 outbreaks in several countries capped three consecutive weeks of gains for the yellow metal.

Lockdowns in India prompted by the country’s biggest wave of COVID-19 so far, alongside a jump in domestic prices, put a damper on the physical gold market.

Although inflation expectations have recently declined thanks to the U.S. Federal Reserve’s commitment to its currently dovish policy, they have not completely disappeared as investors worry that the U.S.’ continuous recovery from COVID-19 could fuel price pressure and see central banks start to pull back the unprecedented stimulus measures.

Several Fed officials, including governor Lael Brainard, are due to speak throughout the week.

Elsewhere, several central banks are due to hand down their policy decisions throughout the week. The Bank of Indonesia will hand down its decision on Tuesday, followed by the Reserve Bank of New Zealand on Wednesday and the Bank of Korea on Thursday.

Bank of Japan governor Haruhiko Kuroda is due to speak later in the day.

Volatility in the cryptocurrency market, particularly bitcoin, was also on investors’ radars. Former U.S. Treasury Secretary Lawrence Summers told Reuters that cryptocurrencies offered an alternative to gold for those seeking an asset “separate and apart from the day-to-day workings of governments.”

They could potentially remain as a feature of global markets as something akin to “digital gold,” even if their importance in economies remains limited, he added.

In other precious metals, palladium inched down 0.1% and silver was steady at $27.52, while platinum gained 0.4%.

Gold Up to Highest Level in Four Months, but Signs of Bullish Trend Also Emerge
 

Related Articles

Gold Down, but Caps Losses as U.S. Bond Yields Ease
Gold Down, but Caps Losses as U.S. Bond Yields Ease By Investing.com - Oct 18, 2021

By Gina Lee Investing.com – Gold was down on Monday morning in Asia, recouping some losses after a steep sell-off during the previous session as U.S. bond yields eased. Gold...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email