Title: Gold Up, Dollar Down as Asian Risk Appetite Grows
May 30, 2022 12:53AM ET
Gold rose in Asia on Monday morning, trading sharply higher in volatile trade.
A weaker dollar gave the yellow metal a boost, but gains were limited in Asia as a shift towards riskier assets took place.
At 12:47 p.m. European time, gold futures were up 0.41 percent to $1,858.85.
"With a three-day holiday in the US meaning lower liquidity than usual and no key data until Wednesday, gold may remain trapped in a tight range around $1,850 unless a new catalyst emerges," City Index senior market analyst Matt Simpson told Reuters.
Federal government offices, stock and bond markets, and the Federal Reserve will be closed in the US on Monday for the Memorial Day holiday.
Gold has been mostly positive since May 16, 2022, when it hit a three-month low of $1,786.60 an ounce.
For the first time since March 2021, it is set for a second consecutive monthly decline and has so far fallen by about 2.4%
Asian stocks followed their US counterparts higher, while the dollar was near a five-week low as investors bet on an easing in US monetary tightening, albeit after sharp hikes in June and July 2022.
In other precious metals, silver rose by 0.1%, platinum by 0.1% to $954.51, and palladium by 0.8%.