Commodities and Futures News

Gold Up on Weaker Treasury Yields, Ahead of the Fed Policy Decisions

2022.06.15 07:10

Gold Up on Weaker Treasury Yields, Ahead of the Fed Policy Decisions

By Zhang Mengying

Investing.com – Gold was up on Wednesday morning in Asia from near one-month lows as Treasury yields weakened ahead of the U.S. Federal Reserve meeting which is expected to announce aggressive interest rate hikes to tame high inflation.

Gold futures edged up 0.16% to $1,816.40 by 11:44 PM ET (3:44 AM GMT). The dollar which normally moves inversely to gold, fell on Wednesday morning.

The Fed is expected to announce its policy decisions later in the day. The central bank is expected to raise interest rates by 75 basis points.

“In our opinion, it is more likely to expect the gold price to rally before the session (Fed announcement), stay stable, and then over the course of the following week continue its downward trend,” corporate advisory AirGuide director Michael Langford told Reuters.

Benchmark U.S. 10-year Treasury yields eased from a multi-year peak, giving yellow metal support.

“Over the next few weeks in our opinion the overall downward trend in the gold price will be maintained with gold breaking below $1,800/oz,” Langford added.

Investors also await policy decisions from other central banks. The Bank of England will hand down its policy decision on Thursday, while the Bank of Japan will hand it down the day following.

In other precious metals, silver jumped 0.84%. Platinum climbed 0.97% while palladium gained 0.77%.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 97,951.24 4.09%
ethereum
Ethereum (ETH) $ 3,473.66 2.54%
tether
Tether (USDT) $ 0.999453 0.13%
xrp
XRP (XRP) $ 2.29 2.17%
bnb
BNB (BNB) $ 701.93 1.63%
solana
Solana (SOL) $ 198.98 5.19%
dogecoin
Dogecoin (DOGE) $ 0.331852 3.51%
usd-coin
USDC (USDC) $ 1.00 0.05%
staked-ether
Lido Staked Ether (STETH) $ 3,465.27 2.53%
cardano
Cardano (ADA) $ 0.921965 1.48%
tron
TRON (TRX) $ 0.256035 1.81%
avalanche-2
Avalanche (AVAX) $ 41.01 6.56%
chainlink
Chainlink (LINK) $ 24.64 2.69%
the-open-network
Toncoin (TON) $ 5.88 5.21%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,127.52 2.74%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 4.10%
sui
Sui (SUI) $ 4.55 1.76%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,597.15 4.08%
hedera-hashgraph
Hedera (HBAR) $ 0.312894 7.24%
stellar
Stellar (XLM) $ 0.389537 5.59%
polkadot
Polkadot (DOT) $ 7.44 2.04%
weth
WETH (WETH) $ 3,475.47 2.60%
hyperliquid
Hyperliquid (HYPE) $ 29.43 0.30%
bitcoin-cash
Bitcoin Cash (BCH) $ 463.11 1.99%
leo-token
LEO Token (LEO) $ 9.54 1.59%
uniswap
Uniswap (UNI) $ 14.17 1.46%
litecoin
Litecoin (LTC) $ 107.97 2.23%
pepe
Pepe (PEPE) $ 0.000019 3.48%
bitget-token
Bitget Token (BGB) $ 4.89 10.20%
near
NEAR Protocol (NEAR) $ 5.52 2.24%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,666.43 2.70%
ethena-usde
Ethena USDe (USDE) $ 0.999158 0.15%
aave
Aave (AAVE) $ 368.19 2.92%
aptos
Aptos (APT) $ 9.72 2.97%
internet-computer
Internet Computer (ICP) $ 11.23 5.75%
usds
USDS (USDS) $ 1.00 0.14%
crypto-com-chain
Cronos (CRO) $ 0.1609 0.78%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.518665 4.00%
vechain
VeChain (VET) $ 0.051865 8.52%
ethereum-classic
Ethereum Classic (ETC) $ 27.50 1.51%
mantle
Mantle (MNT) $ 1.22 1.84%
render-token
Render (RENDER) $ 7.75 1.65%
bittensor
Bittensor (TAO) $ 501.32 4.24%
mantra-dao
MANTRA (OM) $ 3.84 2.24%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.37 1.95%
monero
Monero (XMR) $ 193.66 3.59%
whitebit
WhiteBIT Coin (WBT) $ 24.82 1.90%
dai
Dai (DAI) $ 1.00 0.10%
arbitrum
Arbitrum (ARB) $ 0.803564 1.53%
filecoin
Filecoin (FIL) $ 5.38 4.47%