Gold Prices Down, But Inflation and COVID-19 Concerns Cap Losses

gold prices concerns inflation losses
Middle East

Gold Prices Down, But Inflation and COVID-19 Concerns Cap Losses

Gold was down on Monday morning in Asia. However, lower U.S. Treasury yields in addition to concerns over the rising number of COVID-19 cases globally and its impact on the global economic recovery capped losses for the yellow metal.   Gold futures inched down 0.08% to $1,813.55 by 12 AM ET (4 AM GMT). The dollar, which normally moves inversely to gold, inched up on Monday while the benchmark 10-year Treasury yields fell to a near two-week low at 1.2640%. Global shares were also on a downward trend as concerns over rising inflation and the increasing number of COVID-19 cases continue to bite. The number of global COVID-19 cases topped 190,000 as of Jul. 19, according to Johns Hopkins University data. Some countries, such as Australia and South Korea, have re-imposed restrictive measures to curb the spread of their most recent outbreaks involving the virus’ Delta variant. Japan has also reported COVID-19 cases in the Olympic village just days before the Tokyo Olympics are due to open on Jul. 23. Elsewhere in Asia, gold was sold at a discount in India during the previous week for the first time in almost a month as rising prices deterred buyers. Higher prices…