Commodity Alert: Gold futures gain in Asia as Trump signs bill to fund government for 3 weeks
Gold futures gained in Asia with a government shutdown in the US ended for at least three weeks after President Donald Trump signed a continuing funding resolution passed by Congress on Monday. Overnight, gold prices eased from highs as safe-haven demand fell following news that Senators may be near an agreement to end the government shutdown. Also weighing on gold prices was a continued rise in Treasury yields as the United States 10-Year rose to a nearly three-and-half-year high amid growing investor optimism on the outlook of inflation and economic growth. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.Sentiment for gold remains bullish, however, as data showed traders continued to increase their bullish bets on gold for the fifth week in a row.The most recent Commitment of Traders (CoT) report showed money managers increased their speculative gross long positions in Comex gold futures by 11,258 contracts to 227,373.
Source : Investing
More will update soon !!
