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Gold eyes best month since July 2020 on softer dollar, inflation woes
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Gold prices rose on Monday and were headed for their best monthly jump since July 2020, boosted by a weaker U.S. dollar and lower bond yields, while growing inflationary pressure also lifted demand for the safe-haven metal as a hedge.
Spot gold was up 0.2 at $1,906.91 per ounce by 0515 GMT, while U.S. gold futures gained 0.3% to $1,913.10. Bullion has risen nearly 8% so far this month.
"Gold is pretty much drawing its strength from inflation fears and some inclination of the yields," said Stephen Innes, managing partner at SPI Asset Management.
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"The dollar is staying weaker, that's fairly supportive. Gold bulls now have their eyes set on $2,000 and most are thinking it's going to go quite higher."
The dollar index eased 0.1% against its rivals, while the U.S. 10-year Treasury yield fell to 1.593% on Friday , reducing the opportunity cost of holding non-interest bearing gold.