Precious Metal Market
Gold prices inched higher on Tuesday as appetite for risk weakened ahead of U.S. inflation data that could support the Federal Reserve’s aggressive policy stance to contain rising pricing pressures.
Gold climbed to its highest in one-and-half years on Monday and palladium hit an all-time high on safe-haven asset appeal, while nickel soared over 20% on fears of supply disruptions tied to sanctions on Russia and continued fighting in Ukraine.
Gold prices edged lower on Tuesday after Russian and Ukrainian officials held the first round of ceasefire talks overnight, dampening demand for the safe-haven bullion.
Gold steadied below the $1,900-level on Wednesday after hitting a nine-month high in the previous session due to the Ukraine crisis, with investors focusing on accelerating inflation and expected tightening of monetary policies by central banks.
Gold eased after hitting a more than eight-month high on Monday, as a plan for the U.S. and Russian presidents to hold a summit on the Ukraine crisis dented safe-haven demand, while looming Federal Reserve rate hikes further pressured the metal.
Gold prices rose on Thursday toward an eight-month high scaled earlier this week as Treasury yields dipped, while reports of mortar fire in eastern Ukraine also pushed investors to opt for safe-haven bullion.
Gold prices were steady near an eight-month high on Tuesday, as heightened tensions between Russia and the West over Ukraine prompted investors to shun riskier assets and opt for safe-haven bullion.
Gold prices eased on Monday from a three-month high touched in the previous session, pressured by strength in the U.S. dollar and bond yields, although losses were limited as rising tensions surrounding Ukraine supported safe-haven demand for bullion.
Gold dipped on Friday, as its appeal as an inflation hedge after hot U.S. consumer price data was outweighed by the surge in costs fuelling bets for a hefty interest rate hike from the Federal Reserve next month.
Gold prices were stuck in a tight range on Thursday as investors awaited U.S. inflation data that could offer fresh clues about the pace of the Federal Reserve’s monetary policy tightening.
