Gold futures hovered near a seven-week high level in early deals on Monday, supported by a easing US currency and a correction in the US 10-year Treasury yields towards multi-weeks low. Low bond returns reduces the opportunity cost of holding non-yielding bullion, hence positive for the yellow metal investments. Surging covid cases and possible economic activity restrictions also lifted safe haven appeal of the bullion.
Gold futures for June edged 0.2% higher to $1,783.00 an ounce on the Comex division of the New York Mercantile. Spot gold was up 0.3% at $1,781.75 per ounce.