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Gold targets the largest monthly rise in 10 months amid the dollar's decline and inflation risks
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Gold prices rose, Monday, heading towards its biggest monthly jump since July 2020, thanks to the decline in the dollar and bond yields, as well as the mounting inflationary pressures that boost demand for the metal as well.
The spot price of gold was up 0.1 percent to $ 1,905.14 an ounce, while US gold futures contracts rose 0.2 percent to $ 1,908.80. Spot prices have risen around 7.7 percent this month.
Most markets are closed on public holidays in the US and UK today.
“Gold is drawing strength from inflation concerns and some bias in yields,” said Stephen Ince, a forum member at SBI Asset Management. The dollar is on its weakness, which is very supportive. Gold bettors now have their eyes on $ 2,000, and most of them expect it to rise further. "
The dollar index fell 0.1 percent against competing currencies, while the yield on US ten-year Treasury bonds fell to 1.593 percent on Friday, reducing the cost of holding interest-free gold.
Palladium rose 0.4 percent to $ 2,837.38 an ounce, but it is on track for its first monthly decline in four months. Platinum advanced 0.4 percent, recording $ 1181.76.
Silver rose 0.1 percent to $ 27.91, and is on track for its biggest monthly gain since December.
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