Gold prices inched up on Monday as the dollar slid ahead of key inflation data that could decide the action in coming weeks by the world’s major central banks, most of whom are girding for higher interest rates, Investing.com wrote.
Ed Moya, analyst at online trading platform OANDA, said in a commentary:
“After tumbling to the $1,920 level, gold is starting to attract safe-haven flows as the stock market selloff intensifies.”
Economies on both sides of the Atlantic are chugging along just fine to keep safe-haven demand alive for the yellow metal.
For June thus far, the yellow metal is down 2.6% after a 1.8% slide for May. Notwithstanding that, it is still up more than 5% on the year.
But with central banks from the Fed to the BoE and ECB eyeing more rate hikes, the dollar and U.S. Treasury yields could see fresh spikes at the mid-year point, weighing on gold.
Alex Shishlo for Rough&Polished
