A one-kilogram gold bar sits at Gold Investments Ltd’s bullion dealers. in this prepared photo in London, UK, on Wednesday, July 29, 2020.
Chris Ratcliffe | Bloomberg | Getty Images
Gold prices rose higher Monday to overcome a seven-month low in the previous session as the dollar weakened, although higher U.S. Treasury yields benefited from bullion.
Concepts
Spot gold rose 0.3% to $ 1,787.31 an ounce by 0100 GMT, after hitting a low of July 2 at $ 1,759.29 on Friday. U.S. gold futures gained 0.4% to $ 1,784.20.
The dollar rebounded against competitors, making gold affordable for other currency holders.
The U.S. Treasury Benchmark yield hit a peak of nearly a year, increasing the opportunity cost of holding bullion, which pays no interest.
President Joe Biden’s push for a $ 1.9 trillion COVID-19 aid bill took a step forward Friday when the U.S. House of Representatives committee unveiled the legislation Democrats hope to pass by the end of next week.
The risks of continued business failure in the United States are “still significant” even as the economy emerged from the coronavirus pandemic, the Federal Reserve said Friday in its semiannual monetary policy report to Congress.
Bitcoin hit a market capitalization of $ 1 trillion as it rose to yet another high on Friday, defying analysts ’warnings that it is an“ economic side show ”and a bad hedge against a fall in stock prices.
Corporate gold demand in India rose last week as local prices fell to their lowest levels since June last year, with purchases expected to pick up in other Asian centers after New Year’s holiday week in China.
Hedge funds and money managers downgraded their bullish positions in COMEX gold and picked up in monetary contracts in the week to Feb. 16, the U.S. Commodity Futures Trading Commission (CFTC) said Friday.
Silver gained 1.3% to $ 27.56 an ounce. Platinum rose 1.7% to $ 1,295.94, while palladium rose 1.6% to $ 2,415.38.