Gold prices up from 3-month lows as dollar surge slows

Gold prices up from 3-month lows as dollar surge slows

Spot gold was up 0.3% at $1,815.69 per ounce, as of 0057 GMT. U.S. gold futures gained 0.2% to $1,812.20.







Reuters









May 16, 2022 / 07:11 AM IST





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Gold prices on Monday rose above the more-than-three-month low level hit in the previous session, as a weaker dollar outweighed pressure from higher U.S. Treasury yields.

FUNDAMENTALS

* Spot gold was up 0.3% at $1,815.69 per ounce, as of 0057 GMT. U.S. gold futures gained 0.2% to $1,812.20.

* Gold fell more than 1% on Friday to its lowest since Feb. 4, and marked its fourth straight weekly decline.

* The dollar steadied on Monday after a fall in the previous session, but the greenback still recorded a sixth straight weekly gain last week on global economic growth concerns. [USD/]

* A strong dollar makes rival safe-haven gold less attractive for buyers holding other currencies.

* Benchmark U.S. 10-year Treasury yields were up for a second straight session, limiting demand for non-interest bearing gold. [US/]

* Inflation will need to move lower for "several months" before Fed officials can safely conclude it has peaked, Cleveland Fed president Loretta Mester