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Gold was down on Monday morning in Asia, recouping some losses after a steep sell-off during the previous session as U.S. bond yields eased.
Gold futures inched down 0.03% to $1,767.75 by 11:49 PM ET (3:49 AM GMT), clawing back losses after sliding 1.6% on Friday.
The benchmark U.S. 10-year Treasury yields eased after rising to a high of 1.5904% on Monday. Meanwhile, the dollar, which usually moves inversely to gold, edged up on Monday. However, it slipped 0.6% from the previous week’s 20212 highs, capping the yellow metal’s losses.
Although investors are betting that inflation could mean earlier-than-expected interest rate hikes from the U.S. Federal Reserve, other central banks might be less aggressive over the tightening cycle. However, Bank of England Governor Andrew Bailey said on Sunday that the central bank is prepping an interest rate hike as inflation risks mount.
In another indicator of sentiment, SPDR Gold Trust (P:GLD) GLD (NYSE:GLD) said its holdings fell 0.3% to 980.1 tons on Friday from 982.72 tons the day before.
The dollar made a wobbly start to the week on Monday with the kiwi and sterling edging higher after a red-hot inflation readout in New Zealand and hawkish remarks from Britain’s central bank chief that put rate rises in investors’ sights.
The dollar index has now slipped about 0.6% from last week’s 2021 highs as investors figure that while price pressures might pull forward hikes by the Federal Reserve, other central banks may need to be more aggressive over the tightening cycle.
New Zealand reported its biggest quarterly jump in consumer prices in a decade on Monday. Bank of England Governor Andrew Bailey said on Sunday that surging energy prices would prolong a pulse in inflation and policymakers “will have to act” if they see risks.
The data lifted the kiwi by about 0.3% to a one-month high of $0.7105. Sterling rose 0.1% to $1.3762, just shy of Friday’s one-month high of $1.3773. [NZD/]
The Australian dollar was also near its highest in six weeks and oscillated around $0.7413. Oil futures stood at fresh three-year highs and stoked expectations that even more price rises are heading along global supply chains. [O/R]
Oil prices hit their highest level in years on Monday as demand recovers from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.
Brent crude oil futures rose 90 cents, or 1.1%, to $85.76 a barrel by 0445 GMT, after hitting a session-high of $86.04, the highest price since October 2018.
U.S. West Texas Intermediate (WTI) crude futures climbed $1.23, or 1.5%, to $83.51 a barrel, after hitting a session-high of $83.73, highest since October 2014.
Both contracts rose by at least 3% last week.
“Easing restrictions around the world are likely to help the recovery in fuel consumption,” analysts from ANZ bank said in a note on Monday, adding that gas-to-oil switching for power generation alone could boost demand by as much as 450,000 barrels per day in the fourth quarter.
Cold temperatures in the northern hemisphere are also expec
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