Metal inches higher as the worry over a surge in coronavirus cases offsets pressure from a stronger dollar and bond yields
Bengaluru — Gold prices edged higher on Wednesday, as the worry over a surge in coronavirus Delta variant cases offset pressure from a stronger dollar and bond yields, while investors awaited for US inflation data later in the day.“Lingering Delta virus concerns are offering some safe-haven inflows into gold in the Asian session, but gold is still struggling to recover from the flash crash on Monday,” said Stephen Innes, managing partner at SPI Asset Management.
Risk sentiment in wider financial markets remained subdued, as coronavirus cases in several Asian countries continued to surge, threatening the economic outlook and driving some investors towards safe-haven assets. Investors now await the monthly US personal consumption report due at 12.30am GMT that could influence the Fed’s timeline to taper monetary support.
Indications in recent days of an improving labour market has raised the fear of a sooner-than-expected US interest rate hike, sending gold prices to a four-month low on Monday.
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