Gold hovers near 4-month high as bullish trend hints emerge

24.05.2021 - Evdokimov Roman
Gold hovers near 4-month high as bullish trend hints emerge

Gold hovered near its four-month high on Monday trade in Asia as bullish trend hints surface.

Gold futures gained 0.39% to $1,884.05, after hitting $1.890.13, their highest level since Jan. 8, during the previous week.

The dollar, which usually moves inversely to gold, was also unusually up with gold on Monday, albeit staying near its lowest level in three months. Dollar’s peer, the benchmark 10-year Treasury yield, dropped as it stayed near a week low.

India’s lockdown measures triggered by the country’s biggest wave of COVID-19 so far, together with an increase in domestic prices, took a toll on the physical gold market.

On the central bank front, The Bank of Indonesia is set to announce its decision on Tuesday, followed by the Reserve Bank of New Zealand on Wednesday and the Bank of Korea on Thursday. Bank of Japan governor Haruhiko Kuroda will have his speech later in the day.

In other precious metals, palladium lowered 0.1%. Silver steadied at $27.52. Platinum was the biggest gainer with a 0.4% increase.

 

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