Break through the Ceiling! Traders Make Big Profits With GOLD - Kakiforex.com - Financial Market Media No. 1 in the World Break through the Ceiling! Traders Make Big Profits With GOLD Break through the Ceiling! Traders Make Big Profits With GOLD

May 27, 2021

Break through the Ceiling! Traders Make Big Profits With GOLD

 Gold traded higher in the Asian session, but fell from previous gains that saw the precious metal hit a four -and -a -half -month high during the New York session.


Spot gold traded steady around $ 1,896 per ounce, while gold futures were slightly down at $ 1,897 per ounce in the Asian session.


Earlier, the precious metal had soared high breaking the $ 1,900 barrier wall and hitting its highest level since early January at $ 1,912 before declining again.



The decline in 10 -year U.S. bond yields to lower levels has supported the strengthening of gold prices despite the U.S. dollar displaying gains.


Market discussions on inflationary pressures continued even after the Federal Reserve (Fed) said the high inflation rise was only temporary.


This causes the attractiveness of gold to continue to increase due to its nature of being seen as a hedge to inflation.


Most recently, Fed Vice Chairman for Surveillance Randal Quarles said it was important for the U.S. central bank to begin talks in the coming months, on plans to reduce its bond purchases.