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Gold Climbs to Four-Month High as Fed Comments Fuel Rebound

CommoditiesMay 25, 2021 11:27PM ET
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Gold Climbs to Four-Month High as Fed Comments Fuel Rebound

(Bloomberg) -- Gold notched a fresh four-month high as another Federal Reserve official talked down prospects for inflation, piling pressure on Treasury yields.

Signs of inflation would “prove to be largely transitory,” Fed Vice Chair Richard Clarida said in a Yahoo! (NASDAQ:AABA) Finance interview. That echoed a number of recent dovish comments from the U.S. central bank, and sent the yield on 10-year notes to the lowest in two weeks.

Bullion has erased 2021 losses, with a weaker dollar and lower bond rates rebooting demand for the non-interest-bearing metal. Uncertainty around the global economy’s exit route from the pandemic has also spurred a renewed push to the haven.

Gold rose 0.4% to $1,906.26 an ounce by 10:32 a.m. in Shanghai. The precious metal is up 7.8% this month, on course for its biggest gain since July. Silver, platinum and palladium also advanced, while a gauge of the dollar steadied.

©2021 Bloomberg L.P.

Gold Climbs to Four-Month High as Fed Comments Fuel Rebound
 

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