Spot gold rose for the third consecutive session, with an increase of 0.5% to $ 1,825.64 per ounce, the maximum from September 7. Gold futures in the United States gained 0.6% to $ 1,828.
The attractiveness of gold increased for those who use other currencies, by a drop of the dollar index of 0.3%.
Major central banks remain broadly expansive, and all system cash seeking a niche is moving more towards gold and silver as a hedge against inflation., said Jim Wyckoff, senior analyst at Kitco Metals.
Bullion rose almost 2% on Friday, after the US Federal Reserve and the Bank of England refrained from raising interest rates.
Gold, which benefits from inflation, received the support of an ultra-low interest rate environment to stimulate growth during the pandemic, since that it translates into a reduction in the opportunity cost of holding the bullion, which does not offer performance.
However, concerns that central banks will begin to tighten their monetary policy to combat rising prices has kept investors on the lookout for economic data.
The rigidity of the labor market, combined with problems in global supply chains, could lead to another high data for consumer prices in the United States, to be released on Wednesday.
“Wednesday’s data is likely to favor gold as inflation could post the fastest rise since 1990,” which would likely trigger a buying interest in the bullion, said Sugandha Sachdeva, vice president of commodity and currency research at Religare Broking.
Spot silver was up 1.2% at $ 24.45 per ounce, platinum was up 2.3% at $ 1,057.75 and palladium was up 1.7% at $ 2,069.10.
Source From: Ambito
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