Spot gold may retest resistance 1,797oz technicals
Platinum hits more than fivemonth low at 1,019oz
June 21 Reuters Gold prices rose on Monday, following sixth straight sessions of losses, as a drop in U.S. Treasury yields bolstered the nonyielding metals appeal.
Spot gold climbed 0.7 to 1,776.10 per ounce by 0732 GMT, while U.S. gold futures rose 0.4 to 1,775.5 per ounce.
The real yields are falling, helping gold prices to stabilise and attempt a rebound, said Margaret Yang, a strategist at DailyFX, adding investors are also taking this as an opportunity to buy the dip in view of rising inflationary pressure.
Benchmark U.S. Treasury yields fell to their lowest since lateFebruary earlier in the session, reducing the opportunity cost of holding bullion, which pays no return.
Meanwhile, the U.S. dollar held near a multimonth peak hit in the previous session.
Last week, gold posted its worst weekly performance since March 2020, falling 6, after the U.S. Federal Reserve signalled a soonerthanexpected tightening in its monetary policy.
Near to mediumterm bias has definitely turned negative for gold, said Harshal Barot, a senior research consultant for South Asia at Metals Focus.
Over the next few months if inflation readings do come higher consistently, and if we continue to see this progress in the labour market too, then markets will definitely start pricing in a possible rate hike in 2022.
Investors now eye comments from several Fed officials who will be…