Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold Down on Higher U.S. Treasury Yields Ahead of U.S. Inflation Data

Commodities Jun 09, 2022 11:22PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Zhang Mengying

Investing.com – Gold was down on Friday morning in Asia as U.S. Treasury yields rose, with investors looking to U.S. inflation data for more clues on the interest rate hikes path of the U.S. Federal Reserve.

Gold futures were down 0.32% to $1,846.85 by 11:20 PM ET (3:20 AM GMT). The dollar, which normally moves inversely to gold, inched down on Thursday morning.

Benchmark U.S. 10-year Treasury yields edged up, denting demand for zero-yield gold.

The European Central Bank (ECB) announced on Thursday that it will prepare a quarter-point interest rate hike in July and suggested a bigger hike in the fall over long-lasting high inflation. The inflation in the eurozone now exceeds 8%. The ECB also said that it will end net asset purchases on July 1, 2022.

Now investors shifted their focus to the U.S. consumer price index (CPI) and assess how aggressive the interest rate hikes from the Fed would be.

U.S. initial jobless claims increased to the highest level in nearly five months last week, suggesting that the job market remained tight.

In Asia-Pacific, China’s factory factory-gate inflation cooled to its slowest pace in 14 months in May. Official data released earlier in the day showed that the producer price index (PPI) rose 6.4% year-on-year in May, while a rise of 8.0% was recorded in April. 

In other precious metals, silver fell 0.74%. Platinum was down 0.45%, and palladium gained 0.5%.

Gold Down on Higher U.S. Treasury Yields Ahead of U.S. Inflation Data
 

Related Articles

Gold Prices See Weekly Losses as Fed Rate Risks Rise
Gold Prices See Weekly Losses as Fed Rate Risks Rise By Investing.com - Aug 18, 2022 1

By Ambar Warrick Investing.com-- Gold prices fell slightly on Friday, and were set to end the week lower as hawkish signals from the U.S. Federal Reserve on the path of U.S....

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email