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Gold races past $1,800/oz as bond yields, dollar retreat

Monday, May 10, 2021

Gold last traded at $1,831 an ounce. Silver at $27.45 an ounce.

NEWS SUMMARY: Precious metal prices shot upward Friday after weaker-than-expected job data. U.S. stocks rose as investors believed the Fed's easy monetary policies will stay in place for longer.

REUTERS--"Gold jumped over 1% on Thursday with a weaker dollar and easing Treasury yields propelling it over the key $1,800 psychological level.

'We really have yet to see a strong rebound in Treasury yields,' said Edward Moya, senior market analyst at OANDA.

Despite the economic optimism, Federal Reserve policymakers seem unlikely to budge on their accommodative stance yet and investor inflation fears should boost gold, Moya added.

The Fed plans to keep borrowing costs near 0% and maintain monthly asset purchases worth $120 billion until it sees 'substantial further progress' towards full employment and its 2% flexible inflation target.

The dollar index fell 0.4%, making gold more attractive for those holding other currencies.

At a time of heavy government stimulus, gold is considered a hedge against potential inflation, but elevated Treasury yields have dulled the non-yielding bullion’s appeal this year.

'Above $1,800 it gives the bulls fresh technical power, gives them momentum and I think the path of least resistance for prices is now going to be sideways to higher for the near term,' said Kitco Metals senior analyst Jim Wyckoff." 

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