Gold Rallies As Dollar Weakens, Though Headwinds Persist
Gold prices moved slightly higher at the start of the week as the U.S. dollar weakened, making the precious metal more attractive to overseas buyers. However, gains remained limited due to rising Treasury yields and surging oil prices, both of which intensified concerns over inflation and the possibility of tighter monetary policy. Spot gold climbed to $4,548.14 an ounce in afternoon trading after earlier touching its lowest level since late March. Meanwhile, U.S. gold futures for June delivery ended marginally lower at $4,558 per ounce. The U.S. dollar index slipped 0.3% against other foreign currencies, helping support gold by reducing its cost for holders of other currencies. Analysts noted…