Gold hits 1-week high as inflation worries lift appeal – Reuters
- Date: 07-Feb-2022
- Source: Reuters
- Sector:Oil & Gas
- Country:Middle East
Gold hits 1-week high as inflation worries lift appeal – Reuters
Feb 7 (Reuters) - Gold prices hit a more than one-week peak on Monday, as inflationary pressures due to surging oil prices helped cushion the impact of a U.S. Treasury yield rally after an upbeat jobs report, while a drop in equities also boosted bullion's appeal.
Spot gold rose 0.2% to $1,810.26 per ounce by 0420 GMT, after hitting its highest since Jan. 27 at $1,814.91 earlier in the session. U.S. gold futures edged up 0.2% to $1,810.90.
"The largest component of inflation currently, beyond the supply chain issues, is oil prices. And this is a problem no matter how high you move interest rates," said Stephen Innes, managing partner at SPI Asset Management.
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