• 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 19 hours European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 4 days Demonising fossil fuels has caused major grid problem in Australia
  • 8 days "And this is perhaps the most dangerous kind of government there can be."
  • 3 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 5 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 330 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 7 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Gold Prices Near Two-Week High

Gold prices advanced higher on Monday as a weaker US dollar and expectations that the US Federal Reserve will reiterate its dovish monetary policy stance later this week helped to reinvigorate investor interest for bullion.

Spot gold was up nearly 1.0% at $1,959.44 per ounce by 11:15 a.m. EDT — its highest in almost two weeks and the largest gain during this period. US gold futures also rose 1.0% to $1,969.20 per ounce.

“Gold is firm on the basis that the Fed could adopt a further dovish message with respect to average inflation targeting,” Michael Hewson, chief market analyst at CMC Markets UK, said in a Reuters interview.

“If you want to have a policy of average inflation targeting, you’re going to have to go into detail as to how you are going to arrive at that particular outcome,” Hewson added.

Meanwhile, the dollar weakened — with the US Dollar Index down 0.3% — bolstering gold’s appeal for investors holding other currencies ahead of the Fed’s policy decision on Wednesday.

“If inflation forecasts remain at 2% or below, this could offer gold a tailwind as the zero-yielding metal thrives in a low-interest rate environment,” FXTM analyst Lukman Otunuga said.

Market participants are also waiting for the Bank of Japan and the Bank of England’s policy decisions, which are due on Thursday.

Capping bullion’s gains, UK-based drugmaker AstraZeneca resumed its Phase-III trial over the weekend, rekindling hopes for a potential covid-19 vaccine and giving a boost to global markets.

“Gold is likely to remain trapped in a range in the near term due to the conflicting forces buffeting the commodity with major headwinds in the form of rising vaccine hopes and positive economic data from major economies,” Otunuga said.

By Mining.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News