Gold price comes to life on hyperinflation worries

Gold last traded at $1,787 an ounce. Silver at $23.51 an ounce.

NEWS SUMMARY: Precious metal prices steadied Tuesday on a firmer dollar ahead of Fedspeak. U.S. stocks rose as strong corporate earnings gave investors confidence.

KITCO--"The gold market seems to be coming to life with the latest move above $1,800 an ounce as markets worry about inflation running out of control....

Out-of-control inflation is the narrative dominating the market at the moment, with investors looking for safe assets to move their money to.

Over the weekend, U.S. Treasury Secretary Janet Yellen tried to reassure market participants that the U.S. is not about to lose control over inflation while noting that elevated price pressures will remain through mid-2022.

'I don't think we're about to lose control of inflation,' Yellen told CNN. 'On a 12-month basis, the inflation rate will remain high into next year because of what's already happened. But I expect improvement by the middle to end of next year - second half of next year.'

Yellen added that she expects the supply bottlenecks to eventually resolve. It's 'temporary' pain, she noted. 'As we make further progress on the pandemic, I expect these bottlenecks to subside. Americans will return to the labor force as conditions improve,' she said."