Gold futures ended lower on Monday, regaining some of the recent gains after posting the biggest weekly gains since December.
Jeff Wright, chief investment officer at Wolfpack Capital, said gold has not kept up with the rebound and interest since last week, saying “no one has a strong motivation … to influence or drive” volatility. price.
“The short cover from last week is over and gold is looking for a new catalyst before going either way,” Wright told MarketWatch. “This is also a big stock earnings week and this could lead to less attention from retailers to gold, and more attention on the stock market.” The US standard stock indexes fell in Monday transaction.
On monday, golden june
lost $ 9.60, equivalent to 0.5%, down $ 1,770.60 / ounce. Metals ended Friday with weekly gains of around 2%, marking the largest weekly gain since the period ended December 18, 2020, according to Dow Jones Market Data.
also decreased by 27 cents, or 1%, to $ 25.84 / ounce.
Treasury bonds with 10-year term
is 1.59%, which is lower than the recent range between 1.60% and 1.75%. Falling government debt yields may boost a craving for precious metals that fail to earn coupons.
The dollar was down 0.5% at 91,103, as assessed by the ICE US Dollar Index
a measure of copper versus half a dozen currencies.
Some strategists point out that the growing tensions between Russia and the US are the catalyst that could drive precious metals higher, as well as lingering concerns about the global rollout of the COVID vaccine.
vaccines due to concerns about improper treatment of blood clots, and officials are now considering limiting vaccine use to the elderly.
White House chief medical advisor Dr Anthony Fauci said he hopes the US will continue to use the J&J vaccine and said the decision could be made on Friday in a chat show on Sunday. .
That said, evidence of an economic recovery in the US spurred purchases of assets seen as risky and cut demand for gold in the short term.
Lukman Otunuga, senior research analyst at FXTM, wrote in a daily note: “Gold has generated ample strength from falling Treasury yields and a weaker dollar last week.
“This cargo has grown more than 4% this month and is likely to rise higher amid rising tensions between the US and Russia. However, the bear can still emerge as economic data from the world’s two largest economies are still very encouraging and could fuel global sentiment, ”he wrote.
“If risk becomes the name of the game, it could hit the urge for a safe haven,” he said.
Separately, Russia on Friday punished eight senior US officials, including Federal Bureau of Investigation Director Christopher Wray and Director of National Intelligence Avril Haines, after President Joe Biden announced extensive sanctions. for Russia and a “escalation cycle” warning.
Among the other metals on the Comex, copper prices have the largest increase, with contracts in May
up 1.7% at $ 4.24 a pound. Prices ended last week 3% higher.
Analysts at the Sevens Report Research wrote in Monday’s news that the trend for copper remains “decisively bullish” and that the copper will “continue to grind to new highs unless there is a turnaround. doubt for the worst in economic data or normalization expectations ”.
stable lower, down 0.2% to $ 1,206.50 / ounce and June palladium
ended at $ 2,813.60 / ounce, up 1.4% to tally another record ending.