Gold Up, Boosted by U.S. Treasury Yields Retreat By Investing.com

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© Reuters.

From Gina Lee

Investing.com – Gold rose in Asia Monday morning, boosted by falling US Treasury yields.

rose 0.33% to $ 1,774.85 by 12:26 p.m. ET (4:26 p.m. GMT). The yellow metal slipped 6% last week in its worst week since March 2021 after the US Federal Reserve took a surprisingly restrictive stance on its.

The decision indicated that the Fed would hike rates and start reducing assets sooner than expected.

The benchmark fell to its lowest level since March 3, 2021. The one that normally moves in the opposite direction to gold rose slightly on Monday.

On Friday, the President of the Minneapolis Fed said he wanted to keep the central bank’s short-term policy rate near zero until at least the end of 2023 so that the labor market can recover to its pre-COVID-19 strength.

Dallas Fed President Robert Kaplan and New York Fed President John Williams (NYSE 🙂 are also among the Fed officials who will speak later this week.

In Asia, the People’s Bank of China stayed steady at 3.85%. It will announce its own political decision on Thursday and the President of the European Central Bank will address the European Parliament later the day.

SPDR Gold Trust (P 🙂 said its holdings were up 1.1% on Friday from 1,041.99 tons the previous day to 1,053.06 tons.

Gold purchases in India rose the previous week as local rates fell, despite investors warning that demand will not return to pre-COVID-19 levels anytime soon. Meanwhile, the Russian gold reserves stood at 73.7 million troy ounces in early June, the Bank of Russia announced on Friday.

For other precious metals, silver rose 0.6%, palladium 1% and platinum rose 0.4%.

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