Gold slips from one-month high

Bengaluru — Gold prices eased on Monday from a one-month high scaled earlier in the session, as red-hot US inflation data lifted treasury yields and tempered the appeal of safe-haven bullion.

Gold, which is seen as a safe-haven asset in times of economic crises, hit its highest since May 9 earlier in the session at $1,877.05/oz. However, benchmark US 10-year treasury yields also rose to their highest since May 9, weighing on demand for zero-yield gold. US consumer prices accelerated in May, suggesting that the country’s central bank could continue with its 50-basis-points interest rate hikes until the end of September to combat inflation.

Asian stocks sank on Monday on the worry of a further aggressive Federal Reserve policy tightening, while a Covid-19 warning from Beijing added to the concern about global growth.

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