Gold Up, Dollar Continues to Strengthen
2022.07.12 06:56
Budrigannews.com – Gold was up on Tuesday morning in Asia, but moves were small as the U.S. dollar continued to strengthen to its highest level in 20 years.
Gold futures inched up 0.04% to $1,732.45 by 11:37 PM ET (3:37 AM GMT). Gold prices dropped to their lowest level since Sept. 30 of $1,730.42 per ounce during the previous session.
The dollar, which normally moves inversely to gold, gained on Wednesday morning.
Benchmark U.S. 10-year Treasury yields steadied after a dip on Monday.
U.S. equities fell on Monday as investors look to monthly inflation data for more clues on U.S. Federal Reserve’s interest rate hike path, which is due on Wednesday.
Fed Bank of Atlanta President Raphael Bostic said the U.S. economy can cope with higher interest rates and reiterated his support for another interest rate hike this month.
Elsewhere, Eurozone finance ministers said on Monday that the fight against inflation was the current priority although it might slow the economic growth.
In other precious metals, silver was down 0.67%. Platinum fell 1.16% while palladium eased 1.56%.
