Gold fell, but inflation, COVID-19 fears capped loss provider

© Reuters.

Gina Lee fell in early Asian trading on Monday. However, in addition to concerns about the increase in the number of global COVID-19 cases and its impact on the global economic recovery, the decline in U.S. Treasury yields has limited the decline in gold.

As of 12 am Eastern Time (4 am GMT), the index fell slightly by 0.08% to US$1,813.55. On Monday, which is usually the opposite of gold, it rose slightly, while the yield on the benchmark 10-year US Treasury note fell to a low of 1.2640% in the past two weeks.

Due to rising inflation concerns and the increase in the number of COVID-19 cases, global stock markets are also trending downwards. According to data from Johns Hopkins University, as of July 19, the number of COVID-19 cases worldwide exceeded 190,000.

Some countries, such as Australia and South Korea, have reintroduced restrictions to curb the spread of their recent outbreak involving a variant of the virus Delta. Japan also reported a few days before the opening of the Tokyo Olympics on July 23.

Elsewhere in Asia, Indian gold was sold at a discounted price for the first time in nearly a month as price increases discouraged buyers. Higher prices also discourage buyers from other major hubs in Asia.

SPDR Gold Trust’s holdings on Friday fell 0.6% to 1,028.55 tons, the lowest level since May 14. Data from the US Commodity Futures Trading Commission also showed that as of the week of July 13, investors increased their net long positions in COMEX gold.

In terms of other precious metals, silver rose slightly by 0.2%, palladium rose 0.6% to US$2,645.98, and platinum held steady at US$1,103.15.

Disclaimer: Converged Media I would like to remind you that the data contained on this website may not be real-time or accurate. All CFDs (stocks, indices, futures) and foreign exchange prices are not provided by exchanges, but by market makers. Therefore, prices may be inaccurate and may be different from actual market prices. This means that prices are indicative. Suitable for trading purposes. Therefore, Fusion Media is not responsible for any transaction losses that you may suffer as a result of using this data.

Converged Media Fusion Media or anyone related to Fusion Media shall not be liable for any loss or damage caused by reliance on the data, quotations, charts, and buy/sell signals contained in this website. Please fully understand the risks and costs associated with financial market transactions. This is one of the most risky forms of investment.

Source link

Recommended For You

About the Author: News Center