Gold fell in Asia on Monday morning. However, concerns about the growing number of COVID-19 cases worldwide and their impact on the global economic recovery have not been met. Treasury yields caused losses to the yellow metal.
Gold futures were down 0.08% at $1,813.55. The dollar, which normally moves against gold, rose on Monday, while 10-year Treasury yields fell to a two-week low of 1.2640%.
Global stocks were also down as rising inflation and rising COVID-19 cases continued to bite. As of July 19, the number of COVID-19 cases worldwide had risen to 190,000, according to Johns Hopkins University data.
Some countries, such as Australia and South Korea, have re-imposed control measures to prevent the spread of the latest outbreaks, including the virus delta variant. A few days before the opening of the Tokyo Olympics on July 23, Japan reported cases of COVID-19 in the Olympic Village.
Elsewhere in Asia, gold was sold at a discount in India the previous week, preventing buyers from rising prices for the first time in almost a month. Higher prices prevented buyers in other major Asian centers.
Shares of SPDR Gold Trust were down 14% at 1,028.55 tonnes on Friday, the lowest level since May 14. U.S. Commodity Futures Trading Commission data also shows that investors have raised net long-term positions on Comex Gold for the week ended July 13th.
Among other precious metals, silver rose 0.2%, palladium 0.6% to 64 2,645.98 and platinum 10 1,103.15.