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Gold Attempts Comeback As Metal Climbs Above $1,700 amid Treasury Reprieve

Gold futures are kicking off the trading week and looking to stage a comeback and target $1,800. After an abysmal start to 2021 amid a strengthening US dollar and renewed confidence in the broader economy, investors have been selling their yellow metal holdings. But with inflation fears intact and a looming Federal Reserve meeting, gold prices might be trying to trigger another rally.

April gold futures rose $8.80, or 0.51%, to $1,728.60 per ounce at 13:25 GMT on Monday on the COMEX division of the New York Mercantile Exchange. The yellow metal is coming off a 1.63% weekly gain and snapped a three-week losing streak. But it has slumped nearly 10% year-to-date.

Silver, the sister commodity to gold, is surging to start the trading week, rising above $26. May silver futures advanced $0.319, or 1.23%, to $26.23 per ounce. The white metal also rallied close to 3% last week, but silver prices have dropped 2% so far this year.

Traders are monitoring US dollar and Treasury yields for potential near-term movement in the metals market.

The US Dollar Index (DXY), which gauges the greenback against a basket of currencies, edged up by 0.2% to 91.86, from an opening of 91.68. The DXY slipped 0.5% last week, but it has enjoyed a 2.15% rally this year. A stronger buck is typically bad for dollar-denominated commodities because it makes it more expensive for foreign investors to purchase.

On Monday, US Treasurys took a breather, with the benchmark 10-year bond slipping 0.019% to 1.616%. The one-year bill rose 0.002% to 0.079%, while the 30-year bond tumbled 0.032% to 2.369%. Higher bonds are normally bearish for non-yielding bullion because it increases the opportunity cost.

It will be a week of central bank meetings. The Federal Reserve, the Bank of England (BoE), and the Bank of Japan (BoJ) are all likely to officially address higher inflation trends and economic outlooks. Fed Chair Jerome Powell recently admitted that inflation could be a concern, reversing his previous position that it is not much of a worry. However, he does not anticipate raising interest rates or tighten policy.

The Federal Open Market Committee (FOMC) will complete its March policy meeting on Wednesday. It is widely expected that the Eccles Building will keep its benchmark Fed funds rate unchanged at 0.25%.

But as President Joe Biden signed the $1.9 trillion America Rescue Plan Act, adding to the federal deficit and national debt, investors are fretting about the inflationary consequences. And only in the short-term.

This week, retail sales, industrial production, and manufacturing output data will be released.

In other metal commodities, April copper futures were flat at $4.143 per pound. April platinum futures advanced $20.80, or 1.73%, to $1,221.10 an ounce. April palladium futures rallied $21.30, or 0.9%, to $2,382.00 per ounce.

If you have any questions and comments on commodities today, use the form below to reply.

© AndrewMoran for Commodity News, 2021. | Permalink | No comment |
Published under: Gold

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