By Gina Lee

Investing.com – Gold was up on Monday morning in Asia, with risk appetite decreasing as concerns over China Evergrande Group’s (HK:) debt situation, and its potential economic impact, continue.

By 11:40 ET (03:40 GMT), they were up 0.4% to $1,759.30

China’s Ministry of Housing and Urban-Rural Development of China Evergrande’s bank accounts to ensure funds are used to complete housing projects and not diverted to pay creditors. A payment was due on the developer’s offshore bonds for the past week. The second payment is expected later in the week.

China Evergrande New Energy Vehicle Group will no longer be able to issue CNY-denominated shares.

As investors waited to see the status at China Evergrande, the demand for physical gold rose in China.

The benchmark U.S. Treasury yields of 10 years were at their highest level since July 2021. This capped any further gains.

Christine Lagarde, President of the European Central Bank (EBC), will be speaking on Tuesday. Lagarde will join Bank of England Governor Andrew Bailey and Bank of Japan Governor Haruhikokuroda at an ECB forum panel a few days later.

U.S. Treasury secretary Janet Yellen and Powell will be joining Powell at a Senate Banking Committee hearing Tuesday. A House Financial Services Committee hearing is scheduled for Thursday.

SPDR Gold Trust, (P:), reported that its holdings rose 0.1% to 993.52 tons Friday, compared with 992.65 tons the previous day.

The U.S. Commodity Futures Trading Commission data showed that in other precious metals, speculators have reduced their net-long position in COMEX Silver by 13,178 contracts and 900 over the week ended Sep. 21. Platinum rose 1%, silver rose 0.9% and palladium climbed 0.1%.