Title: Gold Down, But Inflation, COVID-19 Concerns Cap Losses

Jul 19, 2021 12:03AM ET

By: AnalysisWatch

Gold turned down on Monday morning in Asia. However, decrease U.S. Treasury yields similarly to worries over the growing range of COVID-19 instances globally and its effect on the worldwide monetary recuperation capped losses for the yellow metal.

Gold futures inched down 0.08% to $1,813.55 via way of means of 12 AM ET (4 AM GMT). The dollar, which usually actions inversely to gold, inched up on Monday at the same time as the benchmark 10-yr Treasury yields fell to a close to two-week low at 1.2640%.

Global stocks had been additionally on a downward fashion as worries over growing inflation and the growing numbers of COVID-19 instances hold to bite. The range of worldwide COVID-19 instances crowned 190,000 as of Jul. 19, consistent with Johns Hopkins University records.

SPDR Gold Trust’s holdings fell 0.6% to 1,028.55 lots on Friday, the bottom due to the fact May 14. U.S. Commodity Futures Trading Commission records additionally confirmed that traders raised their internet lengthy positions in COMEX gold in the week ended Jul. 13.

In different treasured metals, silver edged up 0.2%, palladium climbed 0.6% to $2,645.98, and platinum turned into regular at $1,103.15.