Photographer: Andrey Rudakov / Bloomberg
Photographer: Andrey Rudakov / Bloomberg
Gold declined as the dollar remained resilient and ten-year Treasury yields remained near the highest level in more than a year, weighing on the precious metal that offers no interest.
Investors will focus their attention on a strong bond license maturity-focused auctions that have fallen amid a cheerful outlook for growth and inflation. Federal Reserve Chairman Jerome Powell reiterated in a Wall Street Journal editorial that the central bank will continue to provide aid to the economy “for as long as it takes,” as the recovery is far from complete. Richmond Fed Chairman Thomas Barkin said in an interview with Bloomberg TV on Sunday that there are there are still no signs of unwanted inflationary pressures.
Bullion has fallen by about 8% this year, with investors moving from paradise to riskier assets, although its role as a hedge against inflation has helped support prices. On Friday, the Fed said it will let capital break for big banks they expire at the end of the month. This pushed the dollar and bond yields up, with this past Monday nearing the highest levels in about 14 months.
“The opportunity cost of being in a reflection environment seems to hold back gold,” said Chris Weston, head of research at Pepperstone Group Ltd. best game “.
Spot gold fell 0.3% to $ 1,740.79 an ounce at 11:49 a.m. in Singapore, after rising 0.5% on Friday. Silver, platinum and palladium were removed. The Bloomberg Dollar Spot Index advanced a third day.
Meanwhile, Powell and Treasury Secretary Janet Yellen are expected to make their first joint appearance before the U.S. House Financial Services Committee to testify about the Fed and Treasury pandemic policies.