Commodities and Futures News

Gold Down, as Central Banks Being Aggressive Against Inflation

2022.06.30 08:06

Gold Down, as Central Banks Being Aggressive Against Inflation

By Zhang Mengying

Investing.com – Gold was down on Thursday morning in Asia, set to fall for a third straight month, as investors assessed bullion’s outlook with major central banks adopting aggressive means to bring down soaring prices.

Gold futures inched down 0.04% to $1,816.75 by 12:56 AM ET (4:56 AM GMT). The dollar, which normally moves inversely to gold, inched down on Thursday morning. The dollar hovered near recent two-decade peaks. The strengthening dollar has dented non-yielding bullion’s demand.

U.S. Federal Reserve Chair Jerome Powell warned that inflation could be long-lasting, and it was important to bring down inflation despite the economic pain during the European Central Bank (ECB)’ s annual forum in Portugal.

Meanwhile, Fed Bank of Cleveland President Loretta Mester said officials should act forcefully to curb price pressures.

Looking forward, the bias will become increasingly bearish as rate hikes continue to come through and bring down inflation expectations, DailyFX currency strategist Ilya Spivak told Reuters, adding that $1,780-$1,790 is a critical support level.

In Asia Pacific, official data released earlier in the day showed that China’s manufacturing purchasing managers index (PMI) rose to 50.2 in June from 49.6 in May, the first expansion since February, indicating that the country’s factory activity is expanding.

In other precious metals, silver fell 0.38%. Platinum gained 0.78% while palladium climbed 2.19%.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 96,353.82 1.69%
ethereum
Ethereum (ETH) $ 3,316.02 2.98%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 246.79 3.90%
bnb
BNB (BNB) $ 649.25 1.70%
xrp
XRP (XRP) $ 1.35 9.87%
dogecoin
Dogecoin (DOGE) $ 0.4129 5.08%
usd-coin
USDC (USDC) $ 1.00 0.27%
cardano
Cardano (ADA) $ 0.978254 8.56%
staked-ether
Lido Staked Ether (STETH) $ 3,316.72 2.97%
tron
TRON (TRX) $ 0.203397 5.37%
avalanche-2
Avalanche (AVAX) $ 39.69 5.67%
the-open-network
Toncoin (TON) $ 5.98 4.61%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 4.61%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,920.25 3.88%
stellar
Stellar (XLM) $ 0.472999 6.32%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,007.72 2.11%
polkadot
Polkadot (DOT) $ 8.46 2.30%
chainlink
Chainlink (LINK) $ 16.61 5.57%
bitcoin-cash
Bitcoin Cash (BCH) $ 494.29 3.46%
weth
WETH (WETH) $ 3,316.21 3.19%
sui
Sui (SUI) $ 3.32 4.72%
pepe
Pepe (PEPE) $ 0.00002 6.62%
leo-token
LEO Token (LEO) $ 8.51 1.62%
near
NEAR Protocol (NEAR) $ 6.42 2.16%
litecoin
Litecoin (LTC) $ 93.93 6.75%
aptos
Aptos (APT) $ 11.85 6.49%
uniswap
Uniswap (UNI) $ 10.34 5.25%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,486.35 2.73%
hedera-hashgraph
Hedera (HBAR) $ 0.140274 8.99%
usds
USDS (USDS) $ 1.00 0.28%
internet-computer
Internet Computer (ICP) $ 10.68 7.63%
crypto-com-chain
Cronos (CRO) $ 0.18264 5.28%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.537589 5.54%
ethereum-classic
Ethereum Classic (ETC) $ 27.71 7.03%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.08%
render-token
Render (RENDER) $ 7.43 5.24%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47 5.91%
kaspa
Kaspa (KAS) $ 0.149397 5.47%
bittensor
Bittensor (TAO) $ 501.52 3.35%
whitebit
WhiteBIT Coin (WBT) $ 24.37 1.44%
dai
Dai (DAI) $ 1.00 0.17%
celestia
Celestia (TIA) $ 7.78 14.64%
arbitrum
Arbitrum (ARB) $ 0.816072 3.35%
bonk
Bonk (BONK) $ 0.000045 8.75%
mantra-dao
MANTRA (OM) $ 3.67 1.41%
filecoin
Filecoin (FIL) $ 5.41 1.82%
cosmos
Cosmos Hub (ATOM) $ 8.27 0.15%
vechain
VeChain (VET) $ 0.039884 8.54%
okb
OKB (OKB) $ 52.31 2.51%