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Gold Down, but Set for Second Weekly Gain as Ukraine Conflict Continues By Investing.com

by equitieswatch
March 11, 2022
in Commodities


© Reuters

By Gina Lee

Investing.com – Gold was down on Friday morning in Asia, with U.S. Treasury yields gaining over the latest . However, it was set for a second weekly gain after talks between Russia and Ukraine made little progress.

were up 0.58% to $1,988.75 by 12:57PM ET (5:57 AM GMT)

Data released on Thursday showed that the U.S. consumer price index (CPI) grew 7.9% and 0.8% in February. The core CPI grew 0.5% and 6.4% .

“To a large degree, it’s going to be a war-driven trade again. But what’s going to cap sentiment in the absence of any war-time escalation is the FOMC, which is going to be a little bit more hawkish than what markets have currently priced in,” SPI Asset Management managing partner Stephen Innes told Reuters.

Benchmark rose after the U.S. report, which also showed the sharpest increase in 40 years. Investors widely expect that the U.S. Federal Reserve will hike interest rates when it hands down its on Mar. 16.

The European Central Bank kept its interest rate steady at 0% as it handed down its own on Thursday. However, it made an unexpected hawkish move of accelerating its wind-down of monetary stimulus.

In Asia Pacific, the Bank of Japan will also hand down its in the following week.

Investors have turned to safe-haven assets ever since Russia invaded Ukraine on Feb. 24, which gave the yellow metal a boost. Gold has jumped as much as 8.5% in the last two weeks and was close to its record levels hit in August 2020.

could retest a support at $1,976 per ounce, a break could cause a fall into $1,924-$1,953 range, according to Reuters technical analyst Wang Tao.

In other precious metals, palladium gained 0.6% to $2,945.52 per ounce. It hit a record high of $3,440.76 on Monday, over concerns about supply disruption from top producer Russia.

Silver fell 0.8%, while platinum was down 0.6% to $1,062.51 and set for its worst weekly decline since November 2021.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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