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Gold prices rose on Monday, but expectations of tighter monetary policy in the United States limited the precious metal’s gains.
With US markets closed for a public holiday, spot gold rose 0.14% to $1,819.70 an ounce by 1705 GMT, while US gold futures increased 0.16% to $1,819.40.
“Money tightening may have a negative impact on gold, but despite that gold is holding up very well,” said Xiao Fu, head of commodity markets strategy at Bank of China International. I think the main reason is that the balance sheet of the Federal Reserve is still at high levels.”
While gold is considered a hedge against inflation, it is vulnerable to higher interest rates, which may increase the opportunity cost of holding the non-yielding yellow metal.
Yields on benchmark 10-year US Treasury bonds hit a two-year high last week on interest rate hike expectations.
Among other precious metals, silver rose in spot transactions 0.22% to $ 23.00 an ounce, while platinum rose 0.30% to $ 973.23 and palladium rose 0.15% to $ 1880.90.
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