Gold Rebounds After Surge in Inflation

Gold prices rose on Tuesday, supported by the surge in U.S. inflation and concerns about the resurgence of the coronavirus (COVID-19) pandemic with the spread of the Delta variant.

Today’s gains came despite a mostly positive performance by the U.S. Dollar (USD) with more investors hedging against the rising consumer prices, which the Federal Reserve officials has recently attributed to transitory factors.

Gold futures for August delivery gained $4, or 0.2%, to settle at $1,809.90 per ounce, following a decline of a similar value yesterday.

Last week, gold’s most active futures rose by $27.40, or 1.53%, making its biggest weekly gain since May 21.

Meanwhile, silver futures snapped a two-session rising streak and closed lower by 10.20 cents, or 0.39%, at $26.115 per ounce.