Commodity

Gold Steady Near Four-Month High Amid Fed Inflation Comments

By Administrator_ India

Capital Sands

Gold steadied near the highest level in more than four months as investors weighed comments by Federal Reserve officials who sought to soothe concerns about inflation.

Governor Lael Brainard, Atlanta Fed President Raphael Bostic, and St. Louis’s James Bullard said they would not be surprised to see bottlenecks and supply shortages push prices up in coming months as the pandemic recedes and pent-up demand was unleashed, but much of those price gains should prove temporary.

Gold is close to erasing this year’s decline as investors turn more bullish on the precious metal, with holdings in bullion-backed exchange-traded funds on an uptrend. While market-based measures of inflation expectations have dipped, traders remain cautious about price pressures as well as flareups in Covid-19 cases in some parts of the world.

Spot gold fell 0.2% to $1,876.73 an ounce by 8:25 a.m. in Singapore. Prices climbed to $1,890.13 last week, the highest since Jan. 8. Bullion’s 14-day relative strength index has been above 70 for the past week, a signal to some traders that it’s overbought and due for a pullback.

Silver and platinum dropped, while palladium steadied. The Bloomberg Dollar Spot Index was flat after declining 0.2% on Monday.

Related posts
Commodity

Crude oil tops $100 as Russian forces invade Ukraine; Gold prices rise sharply

Global crude oil and gold prices soared on February 24 after Russian President Vladimir Putin…
Read more
Commodity

Equities & oil prices sink as Omicron makes waves

By Administrator_India Capital Sands Asian share markets fell and oil prices slid on Monday…
Read more
Commodity

Saudis cut oil prices to woo buyers as OPEC+ boosts supply

By Administrator_ India Capital Sands Saudi Arabia cut oil prices for sales to Asia next month by…
Read more
Newsletter
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you. [mc4wp_form id="729"]

Leave a Reply

Your email address will not be published. Required fields are marked *