Gold rose in Asia on Monday morning against a weaker dollar and lower bond yields after China, the world’s largest gold consumer, released key economic data.
The future is up 0.15% to $ 1,908.25 and is above $ 1,900. The gold deal was agreed on May 30 and August 21.
The dollar, which normally moves against gold, rose on Monday, hitting the benchmark U.S. The 10-year Treasury yield fell to 1.593%.
The Chinese Purchasing Managers Manufacturing Index (BMI) was 51 and the non-manufacturing BMI was 55 in May, both above the 50 marks indicating growth. However, production was slightly below BMI forecasts.
In India, the second-largest gold consumer, demand for gold is low as jewelry shops are closed amid the country’s COVID-19 eruption.
Elsewhere in the region, the Reserve Bank of Australia will hand over its policy decision on Tuesday.
U.S. In, data released on Friday showed that the core per capita consumption cost price index grew stronger than expected by 3.1% year-on-year in April.
“Gold attracts its strength from inflation fears and some slump in yields உள்ளது The dollar is weak, it is very supportive. Gold bulls now have their eyes on $ 2,000, and most comrades think it’s too high, ”Stephen Innes, managing partner of SPI Asset Management, told Reuters.
Investors are awaiting key U.S. economic data for May, including the Institute of Supply Management (ISM) Production BMI, which will be released on Tuesday. More information, including non-farm pay and unemployment rates, is due Friday.
They also digested President Joe Biden’s $ 6 trillion budget for fiscal 2022 and the fight against infrastructure, education, and climate change released on Friday.
Among other precious metals, palladium rose 0.2, silver 0.2% and platinum 0.5%.
