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Commodities

22 Nov 2021

Gold Down by 0.26% as Dollar Strengthens; Inflation stays above 2%

The Index Today

Gold was down on Monday morning in Asia as dollar inched up. It was reported that concerns over the soaring numbers of COVID-19 cases in Europe helped cap some losses for gold.

Gold futures were seen down by 0.26% to $1,846.80 by 11:15 PM ET (4:17 AM GMT). The dollar, which normally moves inversely to gold, inched up on Monday.

According to the reports from Investing.com, the central bank front, Bundesbank president Jens Weidmann on Friday warned that inflation could stay above 2% for some time, and the European Central Bank should avoid any commitment to keeping the money taps open. In an indication of sentiment, SPDR Gold Trust said its holdings rose 0.8% to 985 tons on Friday from 976.87 tons on Thursday. Demand for physical gold in major Asian hubs decreased during the previous week. However, dealers in India are looking to the upcoming wedding season for an uptick.

In other precious metals, silver inched down 0.1%, platinum eased 0.6% to $1,025.33 and palladium fell 0.7%.


©Photo: DAVID GRAY/BLOOMBERG NEWS

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