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

© Reuters.

By Gina Lee – 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%.

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.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.