Gold Touches its Highest Level in More Than a Week

Gold prices hit their highest in more than a week on Monday, as inflationary pressures from higher oil prices helped offset the impact of an increase in US Treasury yields after a positive jobs report, while the appetite for the metal also supported a decline in stocks.

Gold rose in spot transactions 0.2 percent to $ 1810.85 an ounce, after hitting its highest level since January 27 at $ 1814.91 earlier in the session. US gold futures rose 0.2 percent to $1,811.70.

Oil prices rose on Monday, with Brent crude hitting its highest level since October 2014.

Gold’s gains were limited by the dollar’s rise, while yields on benchmark 10-year US Treasury bonds remained close to their highest levels since December 2019 recorded on Friday.

US inflation data for January is due on Thursday, and the Federal Reserve’s plan to raise interest rates may be boosted if the data comes in strong, after the US employment report showed that non-farm payrolls jumped 467,000 jobs last month.

As for other precious metals, silver rose 1.2 percent to $22.74 an ounce, platinum settled at $1023.52, and palladium rose 0.7 percent to $2,301.19.