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Gold rate approached seven-week highs amid falling dollar

Stock Markets Group – Gold prices hovered around seven-week highs on Friday as the dollar weakened and US Treasury yields plummeted, making the precious metal more attractive. Spot gold hit 1,772.73 an ounce, while gold futures on the New York Mercantile Exchange rose 0.4% to 1,773.60 The dollar fell against a basket of world currencies and US Treasury yields hovered around a one-month low reached in the previous trading session, despite strong economic data from the US and China. This week, Federal Reserve Chairman Jerome Powell reaffirmed his soft stance on monetary policy and stressed that any rise in inflation is temporary. Powell also clarified that the Fed will cut back on bond purchases before a decision is made to raise interest rates. Loose monetary policy tends to put pressure on government bond yields, making gold more attractive. In the coming days, according to analysts at Stock Markets Group, the gold rate will remain within the current range. At the same time, the attention of investors is focused on the aggravation of relations between the Russian Federation and the United States and the prospects for the world economy to cope with the consequences of the coronavirus pandemic. Under these conditions, precious metals will remain relevant as defensive assets .________________ Igor Gross, Commodity Analyst, Stock Markets Group

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