Gold prices surge in initial trading

Gold prices surge in initial trading

Monday morning opened in Asia with gold prices going down. It retreated from the five-month high it hit during the last session. 

Gold futures drowned to USD 1895.05 by 0.51 per cent at 4:01 AM GMT (11:01 PM ET). However, it remained above the USD 1800 mark. The dollar prices inched down on Monday but remained close to 16-month-high. 

Meanwhile, investors have on their radar the mounting inflation pressure. It is continuously growing. Neel Kashkari, president of, Federal Reserve Bank of Minneapolis stated on Sunday that he expected higher inflation to continue for a few months. He added that the Fed should not overreact to the growing inflation as it was temporary. 

Patrick Harker, Raphael Bostic, Ester George, and Thomas Barkin, Philadelphia, Atlanta, Fed Banks of Richmond, and Kansas City heads will address separately on Tuesday. 

On Friday, at the Economic Policy Conference, Mary Daly, President, Fed Bank of San Francisco and Richard Clarida, Fed Vice Chairman will address the event. 

Janet Yellen, the US Treasury Secretary said that curbing COVID-19 in the United States would be important to easing inflationary pressures. Noticeably, on Tuesday, the US will release its retail sales data. 

On the other hand, talking about the Atlantic, it could fall slower than expected by the Eurozone. The supply chain bottlenecks have resulted in it. However, on Friday, policymakers from two European Central Banks warned that it would be better if the Central bank did not overreact and remove stimulus too swiftly.

Meanwhile, the Bank of England will become the first important bank to raise interest rates. However, the opinion regarding the hike is still not sure and there are several opinions on early 2022 or in December. 

On the other side, palladium was reduced by 0.9 per cent, silver was down by 1.1 per cent and platinum tumbled by 0.6 per cent. 

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