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Gold Up Supported by Recession Concerns

Commodities Jun 29, 2022 12:34AM ET

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Gold Up Supported by Recession Concerns

© 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%.

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Comments (4)

Alan West Jun 29, 2022 5:11AM ET

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Gold. The worst bet right now.

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AshkaN Ashrafi Jun 29, 2022 5:11AM ET

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bet ?

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kirana amie Jun 29, 2022 3:28AM ET

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ʙᴜʏ ᴛᴏ sᴜᴄɪᴅᴇ...

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Hafeefa Shaikh Jun 29, 2022 3:15AM ET

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how you can say it to buy

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Augustine iyoha Jun 29, 2022 1:39AM ET

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what the movement for xauusd

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