Platinum market will be undersupplied this year -WPIC Silver hits highest in nearly three months (New throughout, updates prices, market activity and comments)
May 17 (Reuters) - Gold prices climbed on Monday to their highest in more than three months, with the precious metal appealing to cautious investors as U.S. Treasury yields remained subdued even as stock prices fell on inflation worries.
Spot gold jumped 1.3% to $1,866.84 per ounce by 1:50 p.m. EDT (1750 GMT), after hitting its highest since Feb. 1 at $1,868.26. U.S. gold futures settled up 1.6% at $1,867.60.
“There’s a flight to safety out of the equity markets . and anticipation that we’re going to continue to see inflation numbers trend much stronger going forward,” said Jeffrey Sica, founder of Circle Squared Alternative Investments.
Silver hits one-week high Spot gold may rise to $1,876/oz -Reuters technical analyst (Updates prices)
May 17 (Reuters) - Gold prices hit a 3-1/2 month high on Monday as a dip in U.S. Treasury yields and persistent inflation worries in the bullion market burnished its appeal.
Spot gold rose 0.4% to $1,848.66 per ounce by 1220 GMT, after hitting its highest since Feb. 2. U.S. gold futures gained 0.5% to $1,848.00.
“Higher than expected (U.S.) consumer price inflation and weaker retail sales was really the potent combination for gold,” said Ole Hansen, head of commodity strategy at Saxo Bank.
“Higher inflation has been the key source of inspiration for renewed demand that we have seen in gold, especially during the last couple of weeks.”
Oil prices rose more than 1% on Monday, lifted by European economic reopenings and rising U.S. demand after prices fell earlier due to surging coronavirus cases in Asia and underwhelming Chinese manufacturing data.
PHOTO / WORLD
By Xinhua Published: May 16, 2021 07:31 AM
A worker goes about his work at a state-owned milling plant in Nairobi, capital of Kenya, April 3, 2020. (Photo: Xinhua)
A woman sorts out coffee berries at Rui-Ruiru Coffee Factory in Mathira, Nyeri County, Kenya, Nov. 5, 2020. (Photo: Xinhua)
After several years of suffering, the worst for coffee farmers in Kenya seems to be over as global prices hit a new high.
A kilo of Kenyan coffee in the global market is going for as high as 7 U.S. dollars, bringing back the glorious days for the country s farmers.
Sometime in 2019, the global price of a kilo of Kenyan coffee hit 189 shillings (1.75 U.S. dollars), the lowest in over three years.