Meanwhile, US gold futures gained 0.6% to $1,819.30. “There’s a little bit more flight-to-safety buying in the gold market … The main concern right now is where we’re going with inflation and how aggressive the Fed is going to be,” said Bob Haberkorn, senior market strategist. senior at RJO Futures. At the same time, “the tension between Russia and Ukraine is also on everyone’s mind,” added the specialist.
Benchmark 10-year US Treasury yields hovered around their highest levels since December 2019, after an encouraging US jobs report on Friday.
The market eagerly awaits the January inflation data in the United States, which will be released on Thursday, to obtain clues about the trajectory of the rise in interest rates, given the possibility that the Fed raises its interest rate by 50 basis points. benchmark interest in March.
Although gold is considered a hedge against price increases and a store of value in times of uncertainty, rising rates increase the opportunity cost of holding bullion that does not offer returns.
Among other precious metals, silver rose 2.3% to $22.99 per ounce, platinum fell 0.5% to $1,018.85 and palladium fell 0.7% to $2,269. .75.
Source: Ambito
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