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Gold gains ground as Yellen calms US inflation fears

Gold rose 0.3% to $1 774.03 an ounce by 12:20 p.m. in Singapore after dropping 0.5% last week.
Image: Chris Ratcliffe/Bloomberg

Gold advanced after its first weekly decline in four as US Treasury Secretary Janet Yellen said the president’s economic plan won’t stoke inflationary pressures. Palladium gained.

President Joe Biden’s economic plan is unlikely to create inflation pressure in the US because the boost to demand will be spread over a decade, Yellen, the former Federal Reserve chair, said Sunday on NBC’s “Meet the Press.”

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The precious metal, which is down 6.5% this year, has clawed back some gains over the past month as central banks, including the US Fed last week, stick to dovish monetary policies. While the Fed said signs of inflation were transitory, assuaging fears of an early rate hike, strong US economic data continues to pressure havens.

“The US Federal Reserve vowing to continue with its dovish approach amid a lower greenback,” might provide some support for gold, according to Angel Broking Ltd.’s analysts Prathamesh Mallya and Yash Sawant.

Gold rose 0.3% to $1 774.03 an ounce by 12:20 p.m. in Singapore after dropping 0.5% last week. Silver and platinum also climbed. Palladium gained 0.5% to $2 955.54 an ounce. The Bloomberg Dollar Spot Index was flat after climbing 0.7% Friday.

Japan, China and the UK are among the markets closed for holidays on Monday.

© 2021 Bloomberg

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Ah inflation…
That metric we are force-fed and then just believe to be true.
Because the “experts” said so.
Nothing of real value goes into the CPI bucket.
Education, healthcare, property, equities….

The Cantillon effect keeps the poor poor and makes the rich richer.

Fix the money, fix the world.

Bitcoin.

How do you propose Bitcoin as a solution to this?

End of comments.

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  CPIThe Consumer Price Index (CPI) measures monthly changes in prices for a range of consumer products Apr 2021 3.20%
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