Bullion wiped out losses made earlier this year with a 7.8 per cent advance over May amid signs of accelerating inflation
Topics
Gold Prices | Gold trade | Gold market
Bloomberg
Last Updated at June 2, 2021 01:10 IST
Gold held onto its biggest monthly gain since July as investors awaited fresh data on the US economy to feed the debate about inflation.
Bullion wiped out losses made earlier this year with a 7.8 per cent advance over May amid signs of accelerating inflation. Patchy economic data has also lifted gold, boosting expectations central banks will put off rate hikes.
Key data this week include US jobs figures on Friday, following a surprisingly poor reading last month that highlighted potential headwinds to economic recovery. The Bloomberg Dollar Index is threatening to fall to its lowest since 2014 after a second monthly decline in May.
“Momentum in the gold market remains strong, with investor inflows picking up sharply,” Australia & New Zealand Banking Group Ltd. wrote in an emailed note.
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First Published: Wed, June 02 2021. 01:05 IST
read the full story about Gold’s momentum is with the bulls after best month since July
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