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February 22, 2021

Gold Rises Again!

 Gold commodities regained momentum by displaying gains as the market headed towards the opening of the European session amid greenback dollar trading weakness.

Spot gold traded around the $ 1,790 per ounce, rising from a seven-month low last week.

The weakening US dollar trade earlier in the week gave impetus to the yellow-gold metal to rise, however, the gains were seen to be somewhat limited with US Treasury yields remaining high.

The 10-year US Treasury yield benchmark rose to 1.3800% earlier in the week, but unfortunately the greenback dollar failed to react to the rise.

However, gold investors remain wary of optimistic market sentiment towards a stronger global economic recovery following the worldwide launch of vaccines.

Consolidation of economic data published in the United States and Europe last week shows recovery continues despite some countries still under the implementation of coronavirus closures.

Meanwhile, Federal Reserve (Fed) Chairman Jerome Powell's statement before U.S. Senate Banking on Tuesday on its monetary policy annual report will be the main focus of the market this week.