Gold rose in Asia on Monday morning, hitting the US. Increased treasury yields by retreating.
Gold futures rose 0.33% to $ 1,774.85. U.S. Yellow metal fell 6% in the previous week to its worst week since March 2021, after the Federal Reserve made a surprisingly bad position when it issued its latest policy decision.
The decision indicated that the central bank would raise interest rates and launch assets earlier than expected.
10 years after March 3, 2021, U.S. Treasury yields fell to their lowest level. The dollar, which normally moves against gold, rose on Monday.
On Friday, Minneapolis Federal Reserve Chairman Neil Kashkari said he wanted the central bank to keep key short-term interest rates close to zero by the end of 2023, allowing the labor market to regain its previous COVID-19 strength.
Dallas Fed President Robert Kapilon and New York Federal Reserve President John Williams (NYSE: WMB) are also scheduled to speak with central bank officials throughout the week.
In Asia, the People’s Bank of China maintained its prime lending rate at 3.85%. The Bank of England will hand over its own policy decision on Thursday, and European Central Bank President Christine Lagarde will address the European Parliament later in the day.
Shares of SPDR Gold Trust (PGLT) rose 1.1% to 1,053.06 tonnes from 1,041.99 tonnes in the previous session on Friday.
Gold purchases in India rose in the previous week due to falling local rates, however, investors were warned not to return to pre-COVID-19 levels at any time. Meanwhile, Russia’s gold reserves stood at 73.7 million troy ounces in early June, the Bank of Russia said on Friday.
Among other precious metals, silver rose 0.6%, palladium 1%, and platinum 0.4%.