Gold rose in Asia on Monday (May 30) as a weaker dollar boosted gold and reversed the bias toward riskier assets in Asia.
- Gold futures contract gained 0.41% to $1,858.85 per ounce
- Silver futures contracts rose 0.1% to $21.72 an ounce
- The platinum futures contract rose 0.1% to $954.51 per ounce
- Palladium futures were up 0.1% to $2,139 an ounce
“With the three-day holiday in the U.S., which means lower liquidity than usual, and a lack of top-tier data until Wednesday, we may find that gold will remain nailed to its tight range around $1,850 unless a new catalyst arrives,”said City Index senior market analyst Matt Simpson.
Since hitting a three-month low of $1,786.60 per ounce on May 16, 2022, gold prices have been broadly positive, falling for the second consecutive month for the first time since March 2021.
“A large part of gold’s underperformance has been due to investors moving to cash as equity markets fell, whilst lockdowns in China also dented demand. Typically, June is a bearish month for gold but that seasonal pattern appears to have been shifted forward by one month,”Simpson said.
Asian stocks on Monday followed their U.S. counterparts, which closed higher on Friday. Meanwhile, the dollar is near a five-week low as investors bet the greenback will ultimately weaken after strong gains in June and July 2022.
The Spot Market is Open
Tuesday, May 31, 2022