Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold Up Supported by Recession Concerns

Published 06/29/2022, 12:26 AM
Updated 06/29/2022, 12:34 AM
© Reuters.

© Reuters.

By Zhang Mengying

Investing.com – Gold was up on Wednesday morning in Asia, supported by recession concerns as U.S. 10-year Treasury yields eased.

Gold futures inched up 0.04% to $1,821.95 by 12:28 AM ET (0428 GMT). The dollar, which normally moves inversely to gold, inched down on Wednesday morning.

Bullion was caught between pressure from prospects of higher interest rates and support from recession risks.

New York Fed President John Williams and San Francisco’s Mary Daly said that they had to cool inflation but insisted that a soft landing was still possible. Higher interest rates and bond yields would dent bullion demand as it yields no interest.

Benchmark U.S. 10-year Treasury yields eased, providing some support to gold.

The U.S. banned new imports of Russian gold, acting on commitments made by the Group of Seven leaders this week to further punish Russia over its invasion of Ukraine.

U.S. conference board (CB) consumer confidence fell to a 16-month low in June as high inflation left consumers to worry about a slowing economy.

In Asia-Pacific, China took a surprise move Tuesday to cut quarantine times for inbound travelers to seven days from 14 days in centralized quarantine facilities. The step lifted market hopes of China’s shift to another COVID-19 strategy which could cost less economic damage.

In other precious metals, silver fell 0.38%. Platinum gained 0.78% while palladium climbed 2.19%.

 

Latest comments

Gold. The worst bet right now.
bet ?
ʙᴜʏ ᴛᴏ sᴜᴄɪᴅᴇ...
how you can say it to buy
what the movement for xauusd
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.