© Reuters.
By Gina Lee
Investing.com – Gold rose Monday morning in Asia, with the approval of the latest US stimulus measures continuing to fuel inflation fears, although the resulting jump in Treasury yields has limited gains.
rose 0.31% to $ 1,725.15 by 12:09 PM ET (4:09 AM GMT), staying above the $ 1,700 mark.
US President Joe Biden sanctioned the $ 1.9 trillion stimulus package on Friday, catapulting upwards the yields on the benchmark ten-year banknotes. Yields have been close to their highest level in over a year, due to continued optimism about the continued US economic recovery from COVID-19.
On the central bank front, a series of policy decisions are expected to be made next week. The Federal Reserve released its policy decision on Wednesday, followed by the Bank of England on Thursday and the Bank of Japan on Friday.
American data released on Friday indicate that the Producer Price Index (PPI) rose 0.5% in February, against the 0.5% growth in projections prepared by Investing.com. It rose 2.8%, compared to a projection of 2.7%.
The PPI core grew 0.2% and 2.5%.
Other data released on Friday said hedge funds and money managers retreated from their bullish positions in COMEX gold and silver contracts for the week through March 9. Bank of America (NYSE 🙂 Global Research data said investors turned to stocks and retreated in gold and bonds for the week through March 10.
In other precious metals, silver rose 0.9%. and platinum rose 1%. Palladium fell 0.1%.
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