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Gold Down Hawkish Fed Limits Gains Even as Ukraine War Concerns Continue By Investing.com

by equitieswatch
March 23, 2022
in Commodities


© Reuters.

By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia, holding steady as the ongoing war in Ukraine supported demand for the safe-haven yellow metal. However, calls from U.S. Federal Reserve policymakers to quicken interest rates weighed on market sentiment.

inched down 0.02% to $1,921.20 by 1:06 AM ET (5:06 AM GMT)

“Potential for higher interest rates globally is weighing on (gold). At the same time, the desire for safe havens in the face of the geopolitical conflict in Ukraine is supportive,” Tiger Brokers chief strategy officer Michael McCarthy told Reuters.

St. Louis Fed President called for the central bank to raise its benchmark overnight interest rate to 3% this year and move aggressively to keep inflation under control. Cleveland Fed President Loretta Mester echoed Bullard’s call, while San Francisco Fed President Mary Daly said on Tuesday that it was time to remove policy accommodation.

The market is pricing in a 72.2% probability that the Fed will hike the interest rate by 50 basis points in May 2022, with the odds for a bigger hike jumping from just over 50% on Monday. Benchmark also hit fresh highs since May 2019.

Fed Chairman Jerome Powell, European Central Bank President Christine Lagarde, and Bank of England Governor Andrew Bailey will also speak at the BIS innovation summit later in the day.

The optimism around a resolution to the war in Ukraine that began with Russia’s invasion on Feb. 24 is starting to fade, leaving some investors to think that there is potential for a break to the upside, said McCarthy. The West could also announce more sanctions on Russia.

may fall into a range of $1,891 to $1,903 per ounce, as the downtrend from the Mar. 8 high of $2,069.89 seems to have continued, according to Reuters technical analyst Wang Tao.

In other precious metals, was up 0.3% and jumped 3.2% to $2,565.02, while edged down 0.2%.

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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