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Bengaluru — Gold prices were in a rangebound trade on Thursday, as markets exercised caution over the Russia-Ukraine conflict and ahead of US inflation data that could offer fresh clues about the policy stance from the US Federal Reserve.
Spot gold was down 0.2% at $1,939.93/oz, as of 5.17am GMT. US gold futures were up 0.2% at $1,941.10.
“The war has dragged on for a long time and resolution seems close and people are looking at what the Fed has come now to speak about — they want to actually tackle high inflation, which means the interest rate is going to go up quite quickly this year ... So the market is trying to digest what is going to be more pressing moving forward,” said Brian Lan, MD at dealer GoldSilver Central.
“Gold prices have actually been rangebound for a while, we’ve seen the support at $1,917 and resistance at $1,950.”
Investors continued to assess the outlook for US interest rates and awaited key US weekly jobless say data, a measure of the country’s economic health, due at 12.30am GMT.
Russian President Vladimir Putin’s threat to switch certain gas sales to roubles sent European futures soaring on concerns the move would worsen an energy crunch and jam up deals that run to hundreds of millions of dollars every day.
Gold prices advanced to near record highs earlier in March, but then saw a steady decline heading into a key US central bank policy meeting last week. They have since moved into a more steady range.
Yields on the benchmark US 10-year treasury hit their highest in nearly three years on Wednesday, increasing the opportunity cost of holding zero-yield bullion.
Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.4% to 1,087.66 tonnes on Wednesday — its highest level since February 26 2021.
In other metals, spot silver was down 0.3% at $24.99/oz, platinum shed 0.6% to $1,013.57 and palladium rose 0.6% to $2,527.17.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Gold pingpongs as investors eye Ukraine crisis
Bengaluru — Gold prices were in a rangebound trade on Thursday, as markets exercised caution over the Russia-Ukraine conflict and ahead of US inflation data that could offer fresh clues about the policy stance from the US Federal Reserve.
Spot gold was down 0.2% at $1,939.93/oz, as of 5.17am GMT. US gold futures were up 0.2% at $1,941.10.
“The war has dragged on for a long time and resolution seems close and people are looking at what the Fed has come now to speak about — they want to actually tackle high inflation, which means the interest rate is going to go up quite quickly this year ... So the market is trying to digest what is going to be more pressing moving forward,” said Brian Lan, MD at dealer GoldSilver Central.
“Gold prices have actually been rangebound for a while, we’ve seen the support at $1,917 and resistance at $1,950.”
Investors continued to assess the outlook for US interest rates and awaited key US weekly jobless say data, a measure of the country’s economic health, due at 12.30am GMT.
Russian President Vladimir Putin’s threat to switch certain gas sales to roubles sent European futures soaring on concerns the move would worsen an energy crunch and jam up deals that run to hundreds of millions of dollars every day.
Gold prices advanced to near record highs earlier in March, but then saw a steady decline heading into a key US central bank policy meeting last week. They have since moved into a more steady range.
Yields on the benchmark US 10-year treasury hit their highest in nearly three years on Wednesday, increasing the opportunity cost of holding zero-yield bullion.
Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.4% to 1,087.66 tonnes on Wednesday — its highest level since February 26 2021.
In other metals, spot silver was down 0.3% at $24.99/oz, platinum shed 0.6% to $1,013.57 and palladium rose 0.6% to $2,527.17.
Reuters
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