{"id":197318,"date":"2021-06-01T21:30:24","date_gmt":"2021-06-01T21:30:24","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=197318"},"modified":"2021-06-01T21:30:27","modified_gmt":"2021-06-01T21:30:27","slug":"gold-prices-3","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/gold-prices-3\/","title":{"rendered":"Supported by dollar&#8217;s fall, gold prices reach 5-month high"},"content":{"rendered":"\n<p>Gold prices have witnessed a five-month peak, supported by the decline of the dollar and growing inflationary pressures.<\/p>\n\n\n\n<p>The rise in gold prices also came at a time when investors are waiting for more US data to derive indications about the extent of the global economic recovery.<\/p>\n\n\n\n<p>Gold prices rose in spot transactions by 0.1% to $1,910.24 per ounce. The princely futures contracts for gold increased 0.4% to $1,913 dollars.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Gold prices<\/strong><\/h2>\n\n\n\n<p>\u201cGold prices are riding a very strong upward trend &#8230; this is against the backdrop of a falling U.S. dollar and also inflation concerns,\u201d said Margaret Yang, a strategist at <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwi2o7P-r_fwAhVshf0HHckNAfEQFjAAegQIAhAD&amp;url=https%3A%2F%2Fwww.dailyfx.com%2F&amp;usg=AOvVaw3fa3VzzxlyrYvqQJ5fwhmq\">DailyFX<\/a>.<\/p>\n\n\n\n<p>\u201cPerhaps another fundamental factor behind gold is the return of Chinese and Indian buyers. In the near-term, if gold can breach the $1,922 per ounce mark, it can open the room for further upside potential.\u201d<\/p>\n\n\n\n<p>The dollar index fell 0.2% percent against other major currencies, making gold less expensive for holders of other currencies. The US currency recorded its second consecutive monthly loss.<\/p>\n\n\n\n<p>\u201cThe dollar is staying weaker, that\u2019s fairly supportive. Gold bulls now have their eyes set on $2,000, and most are thinking it\u2019s going to go quite a lot higher,\u201d said Stephen Innes, managing partner at SPI Asset Management.<\/p>\n\n\n\n<p>Data last week showed that US consumer prices rose in April, while the measure of core inflation exceeded the Federal Reserve&#8217;s target of two percent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Job data<\/strong><\/h2>\n\n\n\n<p>Market participants will focus this week on important economic readings from the US, including the non-farm payrolls data due on Friday.<\/p>\n\n\n\n<p>As for other precious metals, silver increased 0.4% to $28.17 an ounce, after touching its highest level in two weeks earlier in the session.<\/p>\n\n\n\n<p>Palladium rose 0.8% to $2852.93, and platinum rose 0.2% to $1188.86.<\/p>\n\n\n\n<p>A few days ago, gold prices crossed the psychologically important level at $1900 an ounce, supported by the dollar&#8217;s decline and growing concerns about inflation, after US Federal Reserve officials maintained a dovish stance on interest rates.<\/p>\n\n\n\n<p>Spot gold rose 0.3% to $1,905.36 an ounce, its highest since Jan. 8.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Keep reading: <a href=\"https:\/\/www.bnreport.com\/en\/oil-prices-5\/\">Oil Prices To Continue Rising To Reach $80 A Barrel<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices have witnessed a five-month peak, supported by the decline of the dollar and growing inflationary pressures. The rise in gold prices also came at a time when investors are waiting for more US data to derive indications about the extent of the global economic recovery. Gold prices rose in spot transactions by 0.1% [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":197319,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278,579],"class_list":["post-197318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured","tag-gold"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Supported by dollar&#039;s fall, gold prices reach 5-month high | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - Gold prices have witnessed a 5-month peak, supported by the decline of the dollar and growing inflationary pressures.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/gold-prices-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Supported by dollar&#039;s fall, gold prices reach 5-month high | BNReport\" \/>\n<meta property=\"og:description\" content=\"BNReport - 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