In the early morning of the 26th Beijing time, gold futures closed above $1800 an ounce on Monday. Fears of soaring inflation helped gold hit its highest close in more than six weeks.
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Tyler Richey, co-editor of the Sevens Report Research, said: "Real interest rates remain as low as they were at the time of the COVID-19 outbreak, which is good for gold because inflation expectations are rising faster than the benchmark interest rate."
"the upward trend in interest rates seems sustainable, but in some ways, if the upward pressure on prices is indeed temporary, then inflation is expected to peak," he said. In this case, gold prices may peak and begin to consolidate as higher interest rates and a stronger dollar offset expectations of high inflation stabilizing. "
Against this backdrop, gold futures for December delivery on the New York Mercantile Exchange rose $10.50, or 0.6%, to close at $1806.80 an ounce on Monday. In terms of the most active contracts, gold futures prices are at their highest level since September 14.