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


© Reuters.

Gina Lee

Investing.com-Gold 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.

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