Gold futures headed higher on Monday, supported partly by weakness in the U.S. dollar, leading prices back above the key $1,800-an-ounce mark for the first time in over two weeks.

“A significant reversal in the dollar and broad-based risk on psychology has lifted gold and the rest of the metals complex off fundamental reasons to start the new trading week,” analysts at Zaner metals wrote in Monday’s market update. “Others are suggesting that the ongoing surge in the delta variant infections is still threatening the global economy and that, in turn, is providing flight to quality buying interest in gold.”

However, with global equities higher, Treasurys and the dollar lower, “we do not see the safe haven force operating in gold” at the start of the week, they said. “At least in the coming two sessions, the gold and silver trade might avoid the subject of U.S. tapering until the Jackson Hole symposium begins…”

December gold

rose $21.20, or 1.2%, to $1,805.20 an ounce, with the most-active contract trading above $1,800 for the first time since Aug. 6, according to FactSet data. Prices on Friday logged a weekly advance of 0.3%, its second in a row.

Moves higher for the yellow metal come ahead of an economic policy symposium where Federal Reserve Chairman Jerome Powell on Friday may indicate that the central bank will slow monthly purchases of Treasurys and mortgage-backed securities that had helped to prop up financial markets during the height of pandemic-induced selling in spring of 2020.

“Why is the Jackson Hole symposium so crucial? The reason is simple: gold traders, as well as stocks or bond investors, are expecting further guidance in regard to the Federal Reserve’s tapering timeline,” wrote Carlo Alberto De Casa, market analyst at Kinesis, in a Monday research note.

Read: Investors await taper clues as Fed moves Jackson Hole online due to delta variant

“Any dovish indication could help gold to continue its recent rebound, while an expedited beginning of the tapering procedure could be seen as a negative catalyst for bullion,” the analyst wrote.

Helping lift gold was a softer dollar, as measured by the ICE U.S. Dollar Index
a gauge of the currency against a basket of a half-dozen rivals. The dollar index was down 0.3%.

A weaker dollar can make assets priced in the currency, like gold, appear more attractive to overseas buyers.

Meanwhile, silver for September delivery

was trading 46.3 cents, or 2%, higher at nearly $23.58 an ounce, following weekly decline of 2.8% on Friday.

September copper

tacked on 2.3% to $4.23 a pound. October platinum

rose 1.4% to $1,007.60 an ounce.

September palladium

was up sharply by 5.7% at $2,406 an ounce, looking to recoup recent losses, after posting declines in each of the previous five sessions.

Seeing U.S. equities extend their recovery from last week will “likely dampen recent selling interest” for palladium, said analysts at Zaner. But the markets are anticipating disappointing Chinese economic data due to the ongoing delta variant infection rise, and the “bear camp will be difficult to fully unseat unless the equity markets continue to rally.”

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