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Gold Rises as Momentum With Bulls After Best Month Since July

CommoditiesJun 01, 2021 01:00AM ET
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© Bloomberg. One-ounce Britannia gold coins are stacked together at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold held its ground after a record-setting rally as investors awaited the outcome of a Federal Reserve meeting amid expectations policy makers will remain dovish, potentially spurring more gains. Photographer: Chris Ratcliffe/Bloomberg

(Bloomberg) -- Gold added to its biggest monthly gain since July as the dollar weakened and investors awaited fresh data on the U.S. economy to feed the debate about inflation.

Bullion wiped out losses earlier this year with a 7.8% rise over May amid signs of accelerating inflation. Fresh virus outbreaks and patchy economic data have also boosted gold, which is again drawing investors via exchange-traded funds -- a major driver of last year’s rally.

Key data due this week include U.S. jobs figures on Friday, following a surprisingly weak reading last month that highlighted potential headwinds for economic recovery. The Bloomberg Dollar Index is threatening to fall to its lowest since 2014 after a second monthly decline in May.

“Momentum in the gold market remains strong, with investor inflows picking up sharply,” Australia & New Zealand Banking Group (OTC:ANZBY) Ltd. wrote in an emailed note. “Thus a weak payrolls number on Friday could jolt prices even higher.”

Spot gold rose 0.3% to $1,912.71 an ounce by 11:30 a.m. Shanghai time. It’s up 0.8% this year, well short of its record $2,063.5 an ounce in August last year. Silver, platinum and palladium all rose.

©2021 Bloomberg L.P.

Gold Rises as Momentum With Bulls After Best Month Since July
 

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Comments (2)
Steve Cohen
Steve Cohen Jun 01, 2021 7:31AM ET
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There will be one more drop in gold once this temp inflation fades. Thats when to buy gold before reactionary MMT policies to this drop really do create inflation.
Godspower Okendu
Godspower Okendu Jun 01, 2021 2:28AM ET
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please how will I trade here?
 
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