Gold bugs celebrated yet another record for the metal on Monday with the price — spot and futures — rising sharply in early trading, before losing puff as US bond yields surged by the most in a month.
Spot gold hit an all-time high of US$2,265.53 per ounce in the early hours of trading on Monday, an increase of 1.6 per cent on Thursday’s closing price, before easing to US$2,248.50 per ounce at the close.
Comex gold futures front month settled at US$2,251.60 an ounce and continued to rise in early Asian trading. That was after they dropped to a session low around US$2,223 an ounce as investors saw the surge in bond yields.
The Australian dollar price on the World Gold Council website was just over US$3,469 an ounce just after 8am Tuesday, Sydney time.
Market analysts claimed gold rose because Friday’s Personal Consumption Expenditure inflation data, while a touch higher than forecast, meant the Fed would be cutting rates…
