Gold futures rose on Monday as investors weighed on the outlook for global economic policy as demand for gold on the back of inflation contradicts US Federal Reserve officials’ aggressive comments on interest rates. , boosting dollar and bond yields.
Gold is considered to hedge against the risk of inflation, but the metal is particularly sensitive to rising US interest rates.
The spot price of gold remained stable at $ 1,819.34 an ounce.
Yields on 10-year US bonds were close to the two-year highs escalated last week after the US Fed said manufacturing output fell 0.3% in December, up from a 0.5% estimate. .
Traders are now awaiting speeches from Fed executives this week ahead of the central bank’s policy meeting on January 25-26, but there have been several aggressive comments that an interest rate hike will come in March and an increase by the end of the year. , 0%.
Asian stocks fell on the back of weak Chinese economic data last week, although investors were relieved that US inflation data was not high enough to trigger a faster monetary tightening by the Federal Reserve.
The dollar index retained gains on Friday as sales pressure eased on the view that the Fed’s tightening gains were largely appreciated.
In other metals, silver was up 0.1% at $ 22.97 an ounce, platinum was up 0.1% at $ 971.38 an ounce and palladium was down 0.2% at $ 1,874.70 an ounce. .
.
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.