Gold up as COVID-19 concerns mount

20.07.2021 - Davydova Maria
Gold up as COVID-19 concerns mount

Gold rose on Tuesday morning in Asia as worries about the COVID-19 Delta variant outbreak in various countries gave the yellow metal’s value a lift.

Gold futures climbed up 0.51% to $1,818.50 by 1:05 PM ET (5:05 AM GMT) following its one-week low of $1,794.06 in the last session.

The dollar, typically moving inversely to gold, edged down on Tuesday but stayed near a three-and-a-half-month high. Benchmark 10-year US Treasury yields dropped to almost five-month lows.

Going over to Asia, the People’s Bank of China retained its July loan prime rate (LPR) unchanged for the fifteenth straight month, with the one-year LPR at 3.85% and the five-year LPR at 4.65%. The European Central Bank and the Bank of Indonesia are also expected to announce their respective policy decision on Thursday.

In Japan, the national core consumer price index (CPI) inched up 0.2% year-on-year in June.

In other precious metals news, silver slipped 0.1%, while palladium remained at at $2,597.23 and platinum went up 0.3% to $1,077.98.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?