Ukraine war, chance of more sanctions on Russia lift gold’s appeal By Reuters

© Reuters. FILE PHOTO: Marked ingots of 99.99 % pure gold are positioned in a cart on the Krastsvetmet non-ferrous metals plant within the Siberian metropolis of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/

By Seher Dareen

(Reuters) – Gold rose on Monday as buyers sought the safe-haven asset amid prospects that Western nations would add more sanctions on Russia over its invasion of Ukraine, although a stronger greenback and rising U.S. Treasury yields capped additional beneficial properties.

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XAU= was up 0.4% to $1,931.09 per ounce by 12:51 p.m. EDT (1651 GMT), whereas U.S. GCv1 had been up 0.6% to $1,935.10.

There’s a chance of even larger inflation resulting from a pandemic-related transport slowdown in China in addition to the struggle in Ukraine, which bodes properly for gold, mentioned Daniel Pavilonis, senior market strategist at RJO Futures.

Traders are also looking forward to the discharge on Wednesday of the minutes from the Federal Reserve’s final coverage assembly for indicators that the U.S. central financial institution might elevate its benchmark in a single day rate of interest by half a proportion level subsequent month. (Full Story) (Full Story)

The safe-haven greenback rose to a one-week peak, additionally supported by rising U.S. Treasury yields amid expectations that U.S. rates of interest will rise sharply. The forex’s transfer curbed gold’s rise. USD/ US/ FEDWATCH

Gold is extremely delicate to rising U.S. rates of interest, which enhance the chance value of holding non-yielding bullion whereas boosting the greenback, through which it’s priced.

International outrage unfold on Monday over the killings of civilians in northern Ukraine and regarded set to galvanise the West into slapping further sanctions towards Moscow, which might probably embrace Russia’s vitality exports. (Full Story)

“Secure-haven demand might ease if peace talks between Russia and Ukraine are profitable, however inflation seems set to stay elevated, which might proceed to help the gold value,” analysts at Heraeus Valuable Metals wrote in a observe.

Positive factors on Wall Road on Monday additionally dimmed bullion’s appeal, because the Nasdaq and had been boosted by megacap shares and a 20% soar in Twitter (NYSE:) shares. .N

Amongst different treasured metals, spot silver fell 0.5% to $24.49 per ounce, platinum rose 0.2% to $987.49, and palladium was up 0.1% to $2,279.19.

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