Reuters
Gold jumps to six-month high on China reopening optimism
Gold prices jumped to their highest level in six months on Tuesday as optimism surrounding decisions by top consumer China to further ease COVID-19 restrictions weighed on the dollar, while benchmark U.S. yields limited gains. “Gold is following the decisions by China to further ease COVID restrictions,” on the anticipation of higher demand from the region and in spite of rising yields, said Bob Haberkorn, senior market strategist at RJO Futures. Gold has gained nearly $200 after falling to a more than two-year low in late September, as expectations about slower interest rate hikes from the Fed dimmed the dollar’s allure and lowered the opportunity cost of holding bullion, which pays no interest.
