Gold fell Monday morning in Asia, but made up for some losses after a sharp sell-off in the previous session as the U.S. 10-year Treasury yields declined after rising to 1.5904% on Monday. In the meantime, the dollar, which usually moves inversely to gold, rallied. However, it remained 0.6% below the 2021 highs reached last week, limiting the gold losses.
Stocks in mainland China and Hong Kong fell on Monday as data showed that China's economy grew slower than expected in the third quarter, affecting shares in the region, although losses were capped by hopes of support from policymakers. Meanwhile, oil prices hit their highest levels in years on Monday as demand rebounded from the COVID-19 pandemic. U.S. crude hit a new seven-year high, while Brent hit a three-year high. Prices continue their recent surge amid global energy shortages, also fueled by electricity producers shifting from expensive gas and coal to fuel oil and diesel.
The price of Brent crude is $ 85,41 per barrel, WTI — $ 83,15. EUR/USD is at 1.1582, GBP/USD —1.3742, gold is at $ 1,762.86 per ounce.