Gold Prices Hold Onto Gains in Risk-Off Trade

Investing.com – Gold prices held onto gains on Tuesday, as a sell-off in global equities boosted demand for safe-haven assets.

Comex were up 0.11% at $1,338.00 a troy ounce by 08:15 a.m. ET (12:15 GMT).

Global equity markets began to plunge on Friday following the release of strong , which sparked concerns over rising inflation, sending bond yields sharply higher.

The index was particularly hit on Monday, when it recorded its worst daily point drop in history.

Market participants reacted by piling into safe-haven assets such as gold, which bounced back after trading at two-week trough on Friday.

The precious metal had initially declined after the release of the latest nonfarm payrolls report, as the U.S. dollar strengthened.

Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.

Elsewhere on the Comex, were little changed at $16.67 a troy ounce.

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