Gold edges up on easing U.S. yields, economic data in focus

  • 06/02/2021
  • Source: CNBC
  • by: Reuters Staff
Gold edges up on easing U.S. yields, economic data in focus
Gold prices rose on Wednesday, hovering below a near five-month peak hit the previous session, as U.S. Treasury yields pulled back, while investors awaited key economic data this week that will shed light on the outlook for inflation.

Spot gold was up 0.4% at $1,906.80 per ounce at 1:43 p.m. EDT (1743 GMT), after hitting its highest since Jan. 8 at $1,916.40 on Tuesday. U.S. gold futures settled up 0.3% at $1,909.90.

“At this point it’s the anticipation of some of the economic news that’s coming out this week ... which is going to further the concerns regarding inflation and will have a positive impact on the momentum in the gold market,” said Jeffrey Sica, founder of Circle Squared Alternative Investments.

“The Treasuries have been relatively calm considering the inflation news,” Sica said, adding that momentum in the stock market was preventing gold from breaking higher.
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