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 Up, Near Two Week High as Dollar Stabilizes

Commodities May 23, 2022 11:15PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Gold was up on Tuesday morning in Asia. The dollar was up, stabilizing after its fall during the previous session that helped boost the yellow metal to its highest point in two weeks.

Gold futures edged up 0.17% to $1,850.94 by 11:10 PM ET (3:10 AM GMT), after hitting its highest level since May 9 at $1,865.29 on Monday.

The dollar, which normally moves inversely to gold, was up on Tuesday after falling to a one-month low in the previous session. Benchmark U.S. 10-year Treasury yields also eased.

The U.S. Federal Reserve could hike its target interest rate to about 2% by August 2022, with further action dependent on how both supply and demand are affecting inflation, Kansas City Fed President Esther George said on Monday.

Investors now await the minutes from the Fed's last meeting, due on Wednesday. The Reserve Bank of New Zealand will hand down its policy decision on the same day, with the Bank of Korea following on Thursday.

Asia-Pacific shares were mostly down on Tuesday, after an early slide in U.S. stock futures cooled a rally in U.S. shares. The euro was near a one-month high, with bets increasing that the European Central Bank will hike its interest rate in July 2022.

SPDR Gold Trust said its holdings rose 0.44% to 1,068.07 tons on Monday, up from 1,063.43 tons on Friday.

In other precious metals, silver edged down 0.2% platinum eased 0.3% to $956.10, and palladium edged up 0.2%.

Russian palladium mining and smelting company Nornickel on Monday slashed its estimate for the global palladium market deficit in 2022 to 100,000 troy ounces. This is due to lower demand from the car industry amid the war in Ukraine and the slow recovery of the chip market from a shortage.

 
Gold Up, Near Two Week High as Dollar Stabilizes
 

Related Articles

Crude Oil Edges Higher; G7 Meeting in Focus
Crude Oil Edges Higher; G7 Meeting in Focus By Investing.com - Jun 27, 2022

By Peter Nurse    Investing.com -- Oil prices edged higher Monday as traders look to the ongoing G7 meeting for further moves to limit the funding Russia gets from its oil...

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.
Comments (4)
Don Burris
Don Burris May 24, 2022 7:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Don't you just love these headlines......The dollar stabilized.
Richard Lomax
Richard Lomax May 24, 2022 5:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Would prefer to think it will consolidate...
Katikam Maheshkumar
Katikam Maheshkumar May 24, 2022 2:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
today gold Market is Going Down...
Izi Bizi
Izi Bizi May 24, 2022 2:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
That’s usually the case after good days rally before
Katikam Maheshkumar
Katikam Maheshkumar May 24, 2022 2:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
today gold Market is Going Down...
 
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