Gold up as COVID-19 concerns mount

20.07.2021 - Korneychuk Evgeniya
Gold up as COVID-19 concerns mount

Gold rose on Tuesday morning in Asia as worries about the COVID-19 Delta variant outbreak in various countries gave the yellow metal’s value a lift.

Gold futures climbed up 0.51% to $1,818.50 by 1:05 PM ET (5:05 AM GMT) following its one-week low of $1,794.06 in the last session.

The dollar, typically moving inversely to gold, edged down on Tuesday but stayed near a three-and-a-half-month high. Benchmark 10-year US Treasury yields dropped to almost five-month lows.

Going over to Asia, the People’s Bank of China retained its July loan prime rate (LPR) unchanged for the fifteenth straight month, with the one-year LPR at 3.85% and the five-year LPR at 4.65%. The European Central Bank and the Bank of Indonesia are also expected to announce their respective policy decision on Thursday.

In Japan, the national core consumer price index (CPI) inched up 0.2% year-on-year in June.

In other precious metals news, silver slipped 0.1%, while palladium remained at at $2,597.23 and platinum went up 0.3% to $1,077.98.

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