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June 10, 2021

Gold’s Gloomy Movement Reflects Investor Vigilance

 Gold prices eased slightly as the U.S. dollar began to climb, with investors remaining cautious ahead of the release of U.S. inflation data in today’s New York session.


However, the rise recorded by the US dollar was insignificant and still traded around the same price level.


Entering the European session, the precious metal was down around $ 1,883 an ounce, further away from the five -month high it had reached previously. Gold futures traded at $ 1,885 an ounce.


10 -year U.S. treasury yields fell below the 1.50% level for the first time in a month, helped by strong bond auctions.



Gold prices jumped slightly following the decline, before returning to lower losses.


Inflation data in May has been the main concern of the market, after last month’s report showed consumer prices rose the highest in 12 years in April.


The market will take cues from the publication of this data to further assess whether the Federal Reserve (Fed) will consider measures to begin tightening monetary policy.


Still, a reading of recent US NFP employment data, which is weaker than expected, is likely to cause the Fed to stick to its loose monetary policy.