Gold prices traded modestly higher on Monday as the yellow metal aimed for back-to-back gains after a lengthy losing streak.
Price action Market drivers Investors absorbed a flurry of news to start the week, including smaller-than-expected interest-rate cut by China’s central bank.
The People’s Bank of China lowered its one-year loan prime rate by 10 basis points to 3.45%, while the five-year LPR was held at 4.2%. The U.S. dollar weakened following the announcement, while Treasury yields continued to march higher. However, gold strengthened in spite of the rise in yields, a sign that the yellow metal is recouping some of its losses following a punishing four-week losing streak.
“Gold is trading little-changed after extending its losing streak for the fourth consecutive week,” said Marc Chandler, chief market strategist at Bannockburn Global Forex. The ICE U.S. Dollar Index DXY, a gauge of the buck’s strength against a basket of rivals, was off by 0.2% at 103.19, while the yield on the 10-year Treasury note BX:TMUBMUSD10Y increased by 5.5 basis points to 4.302%.
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