EconomyGold price is trading higher due to pandemic and...

Gold price is trading higher due to pandemic and inflation risks

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Lima, January 4, 2022Updated on 04/01/2022 10:38 am

Gold surpassed US $ 1,800 an ounce on Tuesday, after a sharp decline in the last session, as some investors sought coverage in the face of the uncertainty caused by the pandemic, inflation and its impact on the trajectory of rising interest rates of the Federal Reserve.

At 11:10 GMT, spot gold was up 0.2% to $ 1,804.89 per ounce, after posting its worst session in more than a month on Monday. Gold futures in the United States improved 0.3% to $ 1,805.3 an ounce.

“Gold prices are seeing some relief after being hit by rising US Treasury yields on Monday. Rising returns could be the scourge of the bullion in the first half of 2022, as increased expectations of Fed rate hikes could dampen demand for the non-interest bearing precious metal “said Han Tan, chief market analyst at Exinity.

“However, lingering concerns about a possible worsening of the global battle against COVID-19 should offer some support to gold prices pending the global outlook to improve significantly.”Tan added.

The dollar index and benchmark 10-year US Treasury yields remained strong on Tuesday, having driven strong bullion declines in the latest session.

In other precious metals, spot silver was down 0.3% at US $ 22.79} an ounce; platinum was up 0.7% at $ 961.40; and palladium was up 2.4% at $ 1,868.68.

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