Gold is recovering from the bottom of 9 months
Gold rebounded today, from its lowest level in nine months recorded last week, with the decline in bond yields and the approval of a huge US stimulus package to increase the attractiveness of the metal as a hedge against inflation.
And gold rose in the spot market 0.1% to 1701.81 dollars an ounce by 0713 GMT, after hitting its lowest level since the eighth of June at 1686.40 dollars on Friday.
"It is likely that the market fell slightly more than it should last week due to higher returns, which seem to have stabilized somewhat now," said Stephen Ince, market strategist at Axi Financial Services.
The yield on the 10-year US Treasury bonds stabilized below the peak of more than a year recorded on Friday, which reduces the opportunity cost of owning gold that does not yield a return.
The precious metal was supported by the US Senate approval of a $ 1.9 trillion relief package on Saturday.
The dollar hovered near the three-month peak it hit on Friday, which raises the cost of gold for holders of other currencies.
Silver increased 0.9% to $ 25.40 an ounce, while palladium rose 0.2% to $ 2344.07, and platinum advanced 0.2% to $ 1132.12 an ounce.
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