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Market Update: Gold Trades Near 4-Month Highs
Gold prices lifted 3.07 points or 0.16% to 1884.626 on Monday, trading near 4-month highs, extending gains for the 8th straight session, its longest winning streak since July 2020, amid general dollar weakness and falling Treasury yields. Meantime, last weeks data showed strong comeback by the services sector both in the US and Europe as businesses reopened following prolonged lockdown and benefited from a global demand recovery. The precious metal has played a crucial role as an inflation-hedging asset as investors moved to price in a roaring comeback for the US economy and increased price pressures. Given the above and the fact that investors are ditching bitcoin in favour of gold, we could expect further upside in the short term. [/s2If]
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