The price of gold saw a steep decline on Tuesday (May 11) due to a rise in US Treasury yields, falling by nearly US$24 before the US market open and reaching a day low of US$1817.93 per ounce. However, the losses were later pared by a weaker US dollar as investors waited for the US Consumer Price Index (CPI) data to be released. Spot gold closed at US$1837.10 per ounce, an increase of US$1.49 or 0.08%. The intraday range was from US$1817.93 and US$1,841.78 per ounce. Former New York Fed Chairman Dudley warned on Tuesday that although the Fed has promised to remain patient in withdrawing support for the economy, he is afraid that it may be too late when the Fed finally decides to tighten the monetary policy by way of an interest rate hike.
Germany’s ZEW Economic Confidence Index rose sharply to 84.4 in May, which was much higher than the market’s expectations of 72 and the previous value was 70.7. During the period, the current situation classification index improved from negative 48.8 in the previous value to negative 40.1 in May. Driven by the sharp rise in German economic confidence, the ZEW Economic Sentiment Index in the Eurozone in May also climbed from the previous value of 66.3 to 84.0, and hit a record high, reflecting the acceleration of vaccination, which is increasing the market’s expectation of continued economic recovery in the region.
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