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Gold Down, but Caps Losses as U.S. Bond Yields Ease By

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By Gina Lee – Gold was down on Monday morning in Asia, recouping some losses after a steep sell-off during the previous session as U.S. bond yields eased.

However, it was down 0.3% to $1.767.75 at 11:49PM ET (3:49 GMT) – recouping losses from Friday’s slide of 1.6%

After rising to an all-time high of 1.5904% Monday, the benchmark fell. The, which is usually inversely related to gold, edged higher on Monday. However, it slipped 0.6% from the previous week’s 20212 highs, capping the yellow metal’s losses.

Although investors are betting that inflation could mean earlier-than-expected interest rate hikes from the U.S. Federal Reserve, other central banks might be less aggressive over the tightening cycle. Andrew Bailey, Bank of England governor, stated on Sunday that inflation risk is increasing and the bank was preparing for an interest rate increase.

SPDR Gold Trust (P) GLD(NYSE:) reported its holdings falling 0.3% from 982.22 tons the day prior to 981.10.

Meanwhile, showed that GDP grew a smaller-than-expected 0.2% and 4.9% in the third quarter of 2021. Also, the data showed that GDP increased 3.1% over the previous year and 4.4% for September. Meanwhile, it was at 4.9%.

Silver edged up 0.2% in other precious metals. Platinum declined 0.4%, to $1050.80. Palladium declined 0.7%.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.