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16 Nov 2021

Gold Boosted as Inflation Worries Continue Despite Strong Dollar

Gold Boosted as Inflation Worries Continue Despite Strong Dollar

The Index Today

Tuesday morning in Asia saw gold go up after reaching a five-month peak in previous session. The boost was mainly triggered by inflation worries even though the dollar showed a strong position.

Gold futures climbed up 0.16% to $1,869.55 by 11:05 PM ET. The yellow metal’s appeal grew as inflation concerns took over. The dollar also went up slightly despite being known to move inversely with gold. Upcoming retail sales report today is expected to give clues on Feds interest rate plans.

President Thomas Barkin from Richmond Federal Reserve stated about inflation concerns and his vote to keep interest rates unchanged this month. Christine Lagarde from the European Central Bank expressed opinions on how inflation management through tightening of monetary policy could hamper economic growth and recovery. She further said, “If we were to take any tightening measures now, it could cause far more harm than it would do any good.”

Platinum went down 0.1% whereas Palladium dropped 0.6%. Silver remained steady at $25.04 per ounce.