- Write by:
-
Tuesday, May 11, 2021 - 23:35:54
-
596 Visit
-
Print
Mining News Pro - Gold prices held close to three-month highs on Tuesday, as investors weighed rising inflation expectations and comments from Federal Reserve officials for clues on monetary policy going forward.
US gold futures were trading flat in New York with June contracts exchanging hands for to $1,834.70 per ounce by mid-afternoon.
Meanwhile, bond market expectations for the pace of inflation over the coming half decade surged earlier in the week to the highest since 2006. The jump in the five-year breakeven rate comes amid a run-up in commodities, and adds to a longer-term uptick in inflation bets that’s been fueled by improving prospects for growth and pandemic-related stimulus measures.
However, the “inflation expectations are already elevated and will move lower,” Georgette Boele, a senior precious metals strategist at ABN Amro Bank NV, told Bloomberg.
Gold’s “rally is running out of steam just below the 200-day moving average at $1,850 an ounce,” she added.
Bullion posted the biggest weekly gain since November last week after a report showed a surprise slowdown in US job growth, supporting the case for continued economic stimulus and low interest rates.
Investors will be watching for the US CPI report due Wednesday, which is forecast to show prices continued to increase in April.
Short Link:
https://www.miningnews.ir/En/News/613457
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Japan’s top steelmaker, Nippon Steel, is sticking to its plan to close a deal by year-end to buy US Steel, which it ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Nutrien, the world’s biggest fertilizer producer, beat first-quarter profit estimates on Wednesday, on strong demand for ...
Australia will spend A$566 million ($373 million) over the coming decade to map out resource deposits with a focus on ...
Equinor on Wednesday said it has entered an agreement with Standard Lithium to acquire a 45% stake in lithium projects ...
No comments have been posted yet ...