Gold Breaks Above $1900 Mark As Fed Policy Guidance Stays Dovish

Published on May 26, 2021 12:33

COMEX Gold futures raced up yesterday, hitting fresh 2021 highs and broke above $1900 per ounce amid a heavy slide in the US dollar and US treasury yields. The dollar index extended losses after breaking under 90 mark and fell to a three-month low near 89.60, keeping Gold well supported. COMEX Gold futures are currently trading up 0.52% at $1907 per ounce. The US Federal Reserve Bank of Chicago President Charles Evans said fears that inflation is about to spiral out of control are misplaced and there isn`t a need for the US central bank to scale back on its easy-money monetary policy right now. The recent increase in inflation does not appear to be the precursor of a persistent movement to undesirably high levels of inflation, Evans said in a speech Tuesday.