Investing.com – Gold recovered from lows to trade higher as a slump in dollar and US treasury yields boosted demand for the yellow metal.
for February delivery on the Comex division of the New York Mercantile Exchange rose by $5.10, or 0.40%, to $1,337.20 a troy ounce.
Gold prices recovered lows to trade within a tight range as traders awaited further direction ahead of the European Central Bank meeting, and US economic growth data this week. Dollar and US treasury yields weakness, meanwhile, supporting upward momentum in the precious metal was offset somewhat by falling safe-haven demand amid a lack of geopolitical tensions.
was set to post its biggest daily loss in nearly three-weeks. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
The rise in gold prices come as the US government shutdown came to end late Monday after the U.S. Senate voted to pass a temporary spending plan through Feb. 8. Market participants, however, deemed the impact of the government shutdown on risk sentiment as muted, adding that the end of shutdown was unlikely to add significant downside risk to gold.
In other precious metal trade, fell 0.20% to $16.96 a troy ounce, while rose 1.15% to $1,008.
fell 2.55% to $23.12, while rose 6.42% to $3.43.
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Source: Investing.com
