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Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
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Gold Rebounds as Dollar Drop Blunts Yellen Inflation Comments

Tuesday, June 8, 2021

Gold last traded at $1,893 an ounce. Silver at $27.61 an ounce.

NEWS SUMMARY: Precious metal prices steadied near 5-month highs Tuesday as inflation worries flattened the dollar. U.S. stocks traded flat as investor concerns about the market's lofty prices and future economic growth prospects for the second half of the year.

YAHOO FINANCE---"Gold headed for a second straight gain, recovering from earlier losses that came after U.S. Treasury Secretary Janet Yellen's comments on interest rates....

Gold has been hovering around $1,900 an ounce amid a debate around price pressures and speculation over whether the Federal Reserve will start talks on tapering its massive bond-buying program. On Friday, bullion jumped after a U.S. report showed job gains in May fell short of estimates, curbing expectations for early monetary tightening.

Gold is taking 'a short breather before it makes its next bid for the $1,900 mark,' Commerzbank AG analyst Carsten Fritsch said in a note. 'The environment is conducive to further price rises.'

Hedge funds trading the Comex increased their net-long position in the metal for a fifth straight week, according to weekly U.S. government data published Friday."

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