Park Avenue Numismatics
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Gold edges up on weaker bond yields; focus on U.S. inflation
3M Warns Inflation is Here to Stay
Gold last traded at $1,804 an ounce. Silver at $23.84 an ounce.
NEWS SUMMARY: Precious metal prices rose Tuesday as persistent inflation worries weakened the dollar. U.S. stocks shrugged off data showing inflation rose 5.3% Y-O-Y to trade modestly higher.
CNBC--"Gold prices nudged up on Monday drawing some support from weaker U.S. bond yields but a resurgent dollar kept the metal on a tight leash as investors awaited U.S. inflation readings later this week....
Investors are now eying U.S. consumer price data due on Tuesday which could have a bearing on the timeline the Federal Reserve adopts to withdraw its economic support.
The data comes on the heels of comments from several Fed officials that the central bank should begin tapering asset purchases this year.
'Price pressure for gold is still on the rise, but with growth not strong enough to really support a strong amount of tapering, let alone a rate hike in the U.S., the outlook is still positive once we get some momentum back,' Saxo Bank analyst Ole Hansen said."
