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Gold Down, but Caps Losses as U.S. Bond Yields Ease



© Reuters.

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.

inched down 0.03% to $1,767.75 by 11:49 PM ET (3:49 AM GMT), clawing back losses after sliding 1.6% on Friday.

The benchmark eased after rising to a high of 1.5904% on Monday. Meanwhile, the , which usually moves inversely to gold, edged up on Monday. However, it slipped 0.6% from the previous week’s 20212 highs, capping the yellow metal’s losses.

Although investors are betting that inflation could mean earlier-than-expected interest rate hikes from the U.S. Federal Reserve, other central banks might be less aggressive over the tightening cycle. However, Bank of England Governor Andrew Bailey said on Sunday that the central bank is prepping an interest rate hike as inflation risks mount.

In another indicator of sentiment, SPDR Gold Trust (P:) GLD (NYSE:) said its holdings fell 0.3% to 980.1 tons on Friday from 982.72 tons the day before.

Meanwhile, data from China released earlier in the day showed that GDP grew a smaller-than-expected 0.2% and 4.9% in the third quarter of 2021. The data also showed that grew 3.1% year-on-year, grew 4.4% year-on-year in September and the was at 4.9%.

In other precious metals, silver edged up 0.2%. Platinum eased 0.4% to $1,050.80 and palladium fell 0.7%.

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