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Gold is recovering after hitting its lowest level in 9 months
14:51 - 08/03/2021
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On Monday, gold rebounded from its lowest level in 9 months recorded last week, with declining bond yields and the approval of a huge US stimulus package, to increase the appeal of the metal as a hedge against inflation.
And gold rose in the spot market 0.1 percent to 1701.81 dollars an ounce by 07:13 GMT, after hitting its lowest level since the eighth of June at 1686.40 dollars on Friday. And the metal in US futures rose 0.1 percent to $ 1,700.90.
"It is likely that the market fell a little bit more than it should last week due to higher returns, which appear to have stabilized somewhat now," said Stephen Ince, market strategist at Axi Financial Services.
The yield on the 10-year US Treasury bonds stabilized below the more than a year high recorded on Friday, which reduces the opportunity cost of owning gold that does not yield a return.
The precious metal was supported by the US Senate approval of a $ 1.9 trillion relief package on Saturday.
The dollar hovered near its three-month peak on Friday, which raises the cost of gold for holders of other currencies.
Silver rose 0.9 percent to $ 25.40 an ounce, palladium rose 0.2 percent to $ 2344.07, and platinum advanced 0.2 percent to $ 1132.12 an ounce. Ended / 25 o'clock
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