• 509 days Will The ECB Continue To Hike Rates?
  • 509 days Forbes: Aramco Remains Largest Company In The Middle East
  • 511 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 911 days Could Crypto Overtake Traditional Investment?
  • 916 days Americans Still Quitting Jobs At Record Pace
  • 918 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 921 days Is The Dollar Too Strong?
  • 921 days Big Tech Disappoints Investors on Earnings Calls
  • 922 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 924 days China Is Quietly Trying To Distance Itself From Russia
  • 924 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 928 days Crypto Investors Won Big In 2021
  • 928 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 929 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 931 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 932 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 935 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 936 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 936 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 938 days Are NFTs About To Take Over Gaming?
Oil Demand Falters On New Wave Of Lockdowns

Oil Demand Falters On New Wave Of Lockdowns

Road traffic and transportation fuel…

U.S Targets Russian Gold Stockpiles

U.S Targets Russian Gold Stockpiles

In its latest round of…

Could This Be The Most Exciting Lithium Play Of 2021?

Could This Be The Most Exciting Lithium Play Of 2021?

This Nobel Prize-winning breakthrough is…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Precious Metals

Gold Climbs Back Above $1,700

Gold Prices

Gold price edged higher on Monday, rebounding from the previous session’s steep fall, as investors are hopeful of further monetary policy action from the US Federal Reserve this week.

Spot gold climbed 0.4% to $1,690.90 per ounce by 11:30 a.m. EST, while US gold futures rose 1.0% to $1,698.20 per ounce in New York.

“The Fed will continue to have uber dovish policies, they will continue to suppress real rates and that’s the main driver for gold purchases over the last few months,” Daniel Ghali, commodity strategist at TD Securities, told Reuters, adding that the macro implications will continue to support the precious metal.

Bullion fell as much as 2.4% to $1,670.14 on Friday — its lowest in more than a month — as an unexpected surge in US employment numbers for the month of May raised hopes for a quick economic recovery and boosted investor appetite for riskier assets.

However, the uptick in gold could also be of technical nature, says Saxo Bank analyst Ole Hansen.

“THE BREAK BELOW $1,700 ON FRIDAY IS ONCE AGAIN ATTRACTING SOME DEMAND FROM INVESTORS, WHO HAVE BEEN WAITING ON THE SIDELINES FOR A CORRECTION”

Ole Hansen, analyst, Saxo Bank

“The break below $1,700 on Friday is once again attracting some demand from investors, who have been waiting on the sidelines for a correction,” he added.

Investors now await the decisions to materialize from the US Central Bank’s policy meetings, set to take place Tuesday through Wednesday, which analysts believe may leave the door open for further stimulus.

Meanwhile, spot silver rose 0.8% to $17.56 an ounce, platinum advanced 2.2% to $837.10 and palladium jumped 3.4% to $2,023.50.

By Mining.com 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment