Gold edges back towards multi-month peak as dollar holds near lows

  • 05/24/2021
  • Source: Reuters
  • by: Arundhati Sarkar
Gold edges back towards multi-month peak as dollar holds near lows

Gold firmed on Monday, edging back towards last week's 4-1/2-month peak as the dollar held near its weakest since late February, with investor focus turning to key economic readings from the United States this week.

Spot gold was up 0.2% at $1,883.25 per ounce by 1222 GMT, having last week reached its highest since Jan. 8 at $1,889.75. U.S. gold futures gained 0.4% to $1,884.30.

Following last week's volatility, gold has moved above its 200-day moving average, supported by a weaker dollar and bond yields and questions about inflation, said independent analyst Robin Bhar.

Gold is considered a hedge against inflation

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