Gold rose on Monday morning in Asia, trading near its four-month high.
Gold futures were up 0.39% at $ 1,884.05 after rising to 89,890.13 in the previous week after January 8.
The dollar, which normally moves against gold, rose on Monday but was nearing its lowest level in three months. The key 10-year Treasury yield fell, hitting a one-week low.
Investors’ concerns about runaway inflation and the ongoing COVID-19 eruption in several countries have led to three consecutive weeks of gains for the yellow metal.
Locks in India so far triggered by the country’s biggest COVID-19 waves, along with rising domestic prices, have had an impact on the gold market.
Although inflation expectations have recently eased due to the US Federal Reserve’s commitment to its current bad policy, they have not completely disappeared as investors worry that investors may be under continuous recovery pressure from the COVID-19 and that central banks are beginning to retreat. Unprecedented stimulus activities.
Several federal officials, including Governor Lyle Brainard, are due to speak throughout the week.
Elsewhere, many central banks are due to hand over their policy decisions throughout the week. The Bank of Indonesia will hand over 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 speak later.
Fluctuations in the cryptocurrency market, especially Bitcoin, were also on investors’ radars. Former U.S. Treasury Secretary Lawrence Summers told Reuters that cryptocurrencies would provide a property as an alternative to gold “separately from the day-to-day work of governments.”
They may be similar to “digital gold” in terms of global markets, even if their importance in economies is low, he added.
Among other precious metals, palladium fell 0.1% and silver $ 27.52, and platinum 0.4%.