Gold is firm in the face of US interest rate hike...

Gold is firm in the face of US interest rate hike...
Gold is firm in the face of US interest rate hike...

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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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