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Gold was down on Monday morning in Asia thanks to climbing U.S. Treasury yields and a strengthening dollar.

Gold futures were down 0.38% at $1738.25 by 12:43 AM ET (4:43 AM GMT)

“Stronger-than-expected data suggests that inflation will be picking up faster-than expected in the months to come, which is leading to a rise in real yields, exerting pressure on gold,” DailyFX strategist Margaret Yang told Reuters.

Positive data from the U.S. also saw investors turn away from the safe-haven yellow metal. March’s producer price index released on Friday recording the highest annual rise in nine-and-a-half years. Further data will be released throughout the week, including the consumer price index on Tuesday, the Fed’s Beige Book on Wednesday, and retail sales as well as industrial production data on Thursday.

U.S. Federal Reserve Chair Jerome Powell said the U.S. economy is at an “inflection point” in an interview on Sunday. While he hoped that inflation and hiring will accelerate in the coming months, he warned of the dangers should a hasty reopening lead to a continuing uptick in COVID-19 cases.

Powell will also speak at the Economic Club of Washington on Wednesday.

“Asia Pacific markets were expected to open higher, but they are trading lower this morning, raising the demand for safe assets and dollar is winning that race, putting further pressure on gold,” Yang added.

The dollar, which usually moves inversely to gold, edged up on Monday.

In other precious metals, silver fell 0.4, palladium was down 0.3% and platinum slipped 0.6%.