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Gold futures settle near one week high rate on Wednesday

11 Mar 2021 Evaluate
Gold futures rebounded on Wednesday to settle near one week high rate as the government bond yields held back their rally and dollar weakened with the concerns over inflation based on a report on US consumer prices. Additionally, persisting worries that additional stimulus in the form of a $1.9 trillion coronavirus relief package set to be signed by US President Joe Biden could lead to an overheating of the economy also lifted the inflation hedge appeal of the bullion.

Gold futures for April delivery rose by 0.3% or $4.90 at $1,721.80 an ounce on the Comex division of the New York Mercantile. Spot gold increased by $0.1234 or 0.01%, to $1,726.17per ounce.