Gold Down over Rising in Bond Yields
2022.06.09 06:15
By Zhang Mengying
Investing.com – Gold was down on Thursday morning in Asia with an advance in U.S. Treasuries Yields denting bullion demand ahead of U.S. jobs and U.S. inflation data.
Gold futures inched down 0.08% to $1,855.00 by 10:58 PM ET (2:58 AM GMT). The dollar, which normally moves inversely to gold, inched up on Thursday morning.
10-year Treasuries Yields advanced to 3.03%, which restrained gold prices.
U.S. Treasury Secretary Janet Yellen said on Wednesday that the Biden administration was seeking to “reconfigure” tariffs on Chinese imports but warned that the cut would not be a “panacea” to ease high inflation.
Adding to the grim global growth outlook, the Organization for Economic Co-operation and Development (OECD) warned on Wednesday that the war in Ukraine has set the world economic outlook bleaker, slashing its growth forecasts.
Meanwhile, the European Central Bank will hand down its policy decision on Thursday and announce an end to bond purchases.
On the data front, U.S. consumer price index (CPI), China’s CPI, and producer price index (PPI) data are due on Friday. China’s trade data is due later in the day.
In Asia Pacific, The Reserve Bank of India hiked its interest rate on Wednesday to 4.90%, above the forecasts prepared by Investing.com of a hike to 4.80%.
In other precious metals, silver inched up 0.03%. Platinum inched down 0.08% while palladium jumped 0.97%.
