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Gold slips on Ukraine peace talks, looming Fed rate hike By Reuters

by equitieswatch
March 16, 2022
in Commodities


© Reuters. FILE PHOTO: Granules of gold and silver are seen in glass jars at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk

By Brijesh Patel

(Reuters) – Gold fell to more than a two-week low on Wednesday as the safe-haven appeal of the metal was dimmed by hopes of progress in Russia-Ukraine talks, with rising bond yields adding pressure to bullion as markets braced for a U.S. interest rate hike.

was down 0.4% to $1,909.41 per ounce at 12:15 p.m. EDT (1615 GMT), after touching its lowest level since March 1 at $1,903.59 earlier in the session.

U.S. fell 0.9% to $1,912.40.

“Everybody is anticipating the Federal Reserve verdict this afternoon and the big question is, whether it is a quarter-point or half-point rate hike,” said Bob Haberkorn, senior market strategist at RJO Futures.

“Stocks have been resilient this morning and bouncing back, so there is a risk-on sentiment in the market, and gold, being a safety asset, is lower for the time being.”

Wall Street’s main indexes jumped on Wednesday, led by gains in technology and financial stocks.

The Fed policy statement and quarterly economic projections, due at 2 p.m. EDT (1800 GMT), will be followed by Fed Chair Jerome Powell’s news conference. Traders are pricing in an increase in the U.S. central bank’s benchmark overnight interest rate of at least 25 basis points.

Benchmark 10-year U.S. Treasury yields hit almost three-year highs. Gold is highly sensitive to rising U.S. interest rates, and consequently higher yields increase the opportunity cost of holding non-yielding bullion.

Ukrainian President Volodymyr Zelenskiy said peace talks were sounding more realistic, even as Russia’s invasion continued, but that more time was needed.

“Some positive news reports on the Russia-Ukraine war front and the recent big drop in prices are lifting marketplace sentiment,” Jim Wyckoff, senior analyst at Kitco Metals, wrote in a note.

Spot silver fell 0.9% to $24.64 per ounce, while platinum rose 2.5% to $1,010.80.

Palladium edged 0.7% lower to $2,407.84 per ounce amid receding supply fears.

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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