Gold has gone down, losing its luster but Investing.com remains above $ 1,800

Author: Gina Lee

Investing.com – Gold fell on Monday morning in Asia, backing off its success of more than five months in the previous session.

It fell 0.51% to $ 1,859.05 for 23:01 ET (4:01 AM GMT), but remained steady above $ 1,800. Normally moving in the opposite direction to gold, it went down on Monday, but was close to a 16-month high.

Inflationary pressure is rising on investors ’radars. While the chairman of the Federal Reserve Bank of Minneapolis said on Sunday that he expects higher inflation to continue in the coming months, the Fed should not react too much to high inflation, which is likely to be temporary.

Thomas Barkin, Esther George, Raphael Bostic and Patrick Harker, heads of Fedmond Banks in Richmond, Kansas City, Atlanta and Philadelphia, will speak separately on Tuesday. Fed Vice President Richard Clarida and Fed Chairman Mary Daly of the Bank of San Francisco will speak at the Asian Economic Policy Conference on Friday.

Meanwhile, U.S. Treasury Secretary Janet Yellen added that controlling COVID-19 in the U.S. will be key to easing inflationary pressures. The U.S. also released data on Tuesday.

Across the Atlantic, inflation may be slower than expected in the Eurozone, thanks in part to continued supply chain bottlenecks. However, two European Central Bank officials warned on Friday that the central bank should not overreact by removing the stimulus too quickly.

Although the Bank of England will become the first key bank to raise interest rates, whether the rise will come in December or early 2022, there is fragmented opinion, according to a Reuters poll.

In other precious metals, silver fell by 1.1%, platinum by 0.6% and palladium by 0.9%.