01.03.202109:30:00UTC+00Gold Rises As Dollar Consolidates

Gold price edged higher on Monday, recovering from an eight-month low touched in the previous session on expectations that Treasury yields have peaked for the time being. A weaker dollar also lifted bullion's appeal.

Spot gold rose 0.8 percent to $1,747.38 per ounce, after having hit its lowest since June at $1,716.85 on Friday. U.S. gold futures were up 0.9 percent at $1,744.95.

Treasury yields edged back from their highest level in a year, driving a recovery in global equities.

The 10-year yield hovered around 1.40 percent, after having spiked to 1.6140 percent on Thursday. European, Australian and Japanese 10-year yields also moved lower today. The dollar retreated from recent highs as expectations of faster economic recovery and stimulus hopes helped investors shrug off inflation fears.

Johnson & Johnson's single-shot Covid-19 vaccine received emergency use authorization from the FDA on Saturday, paving the way for its distribution.

U.S. President Joe Biden scored his first legislative win as the House of Representatives passed his $1.9 trillion coronavirus relief package early Saturday.

The stimulus bill now moves to Senate floor for debate, where a vote could happen as early as next week.