Gold rebounds as dollar retreats

2021-05-03 12:25:38 GMT (Economies.com)
Gold rebounds as dollar retreats

Gold prices rose on Monday, to head for the first daily gain in 3 days, within recovery attempts from a 2-week low, while the US dollar fell against other major currencies.

 

Gold prices rose 0.75% to $1,781.63 an ounce, after opening at $1,768.43, and hit a low of $1,766.11.

 

Gold closed lower by 0.2% on Friday, in its second straight daily loss, and hit a 2-week low at $1,756.04 an ounce.

 

The yellow metal gained 3.6% last month, and posted the first monthly gain in 2021, thanks to a drop in US Treasury bonds.

 

The dollar index fell 0.2%, and paused its 2-day recovery from a 2-month low.

 

This comes as the market's risk appetite improved following a drop in the 10-year US treasury yields this week.

 

US Treasury Secretary Janet Yellen on Sunday tamped down concerns that President Joe Biden's plans for infrastructure, jobs and families will cause inflation, saying the spending will be phased in over a decade

 

At 18:20 GMT, Federal Reserve Chairman Jerome Powell will speak about community development at an online conference, audience questions are expected.

 

Gold stocks at the SPDR ETF remained unchanged on Friday, with a total at the lowest level since April 14, 2020 at 1,019.66 metric tonnes.

 
 
 
  Symbol Last Change Chg.%
1.2162
-0.0011
0.0879%
1.4148
0.0012
0.0863%
Tadawul
10322.68
86.96
0.85%
27.510
-0.294
1.059%
64.969
-0.423
0.647%
68.30
0.01
0.01%
1834.890
-9.335
0.506%
 
 
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