Gold rebounded on Monday from a nine-month low hit last week, as bond yields retreated and the passage of a massive U.S. stimulus package boosted bullion’s appeal as a hedge against inflation.
Spot gold rose 0.1% to $1,701.81 per ounce by 0713 GMT, after hitting its lowest since June 8 at $1,686.40 on Friday. U.S. gold futures climbed 0.1% to $1,700.90.
“The market probably sold a bit too much last week on higher yields and yields seem to be plateauing a little bit right now,” said Stephen Innes, chief global market strategist at financial services firm Axi.
KEFI Gold & Copper plc (LON:KEFI) is an exploration and development company focussed on gold and copper deposits, primarily in the highly prospective Arabian-Nubian Shield.