Home Finance Gold nears 5-month peak due to weakening of dollar, inflation worries

Gold nears 5-month peak due to weakening of dollar, inflation worries

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On Tuesday, the prices reached a nearly five-month high, which is weak. and rising inflationary pressures, while investors awaited more US data to assess the extent of the global economic recovery.

place It was up 0.2% to $1,911.45 an ounce by 0255 GMT, after hitting a high of $1,914.26 since January 8 earlier in the session.

America Futures rose 0.5% to $1,914.20 an ounce.

Riding a very strong upward trend … this is against the backdrop of a falling America and also said Margaret Yang, a strategist at DailyFX.

“Perhaps another fundamental factor behind gold is the return of Chinese and Indian buyers. In the near term, if gold can break the $ 1,922 per ounce mark, it could open up room for the possibility of further growth.”

The index was down 0.3% against its rivals, making gold less expensive for other currency holders. The US unit posted its second consecutive monthly loss.

Last week, data showed US consumer prices rose in April as a measure of the underlying surpassing the Federal Reserve’s 2% target.

Market participants this week will focus on key US economic readings, including non-farm payrolls data due Friday.

Federal Reserve officials have said repeatedly that they expect any increase To be short term and that monetary stimulus will remain for some time.

China’s factory activity grew at the fastest pace in May this year due to rising domestic and export demand, although sharp increases in raw material prices and tensions in the supply chain reduced production for some companies, a survey showed.

Elsewhere, silver rose 0.6% to $28.22 an ounce, having hit a high of two weeks earlier in the session.

Palladium rose 0.8% to $ 2,850.63 and platinum climbed 0.5% to $ 1,192.22.

(Only the title and picture of this report may have been reworked by Business Standard employees; the rest of the content is generated automatically from a syndicated feed.)

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