The Magazine for Asian Investors
Gold prices are rising hand in hand with the 10-year U.S. Treasury note on Monday evening in Asia. Meanwhile, the share of the world’s largest gold producer Newmont has reached a new all-time high at the end of last week.
- Gold futures rise 0.46% to $1,935.50 per ounce.
- The silver price falls by 0.14% to $ 24.68 an ounce.
- Palladium futures rise 0.23% to $2,370.00 per ounce.
- The platinum futures contract rose 0.41% to $997.00 per ounce.
The dollar, which normally moved in the opposite direction to the price of gold, rose on Monday. Likewise, yields on 10-year U.S. Treasury notes rose in line with expectations that the Federal Reserve will aggressively raise interest rates in its next meetings.
The US labor market update published on Friday was better than expected. Nonfarm payrolls increased by 431,000, while the unemployment rate was 3.6% in March. The manufacturing PMI was 57.1 in March, while the manufacturing PMI was 58.8.
The Reserve Bank of Australia will announce its monetary policy decisions tomorrow, and the Reserve Bank of India will release its report on Friday.
In addition, the demand for gold jewelry in India has improved in the past week. This is because domestic prices fell before the weekend. China on the other hand recorded lower gold trade. The sentiment is too low at the moment as Shanghai extends the lockdown to contain the spread of the coronavirus.
Shares of Newmont, the world’s largest gold producer, hit a new all-time high of $81.97 on Friday, putting the stock up 31.73% year to date. The signs for shares of gold producers and royalty companies appear to be pointing upward again, as many stocks have now returned to larger gains.
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Monday, April 4, 2022