Skip to content

Gold heads for best weekly gain on sustained safe-haven demand

Lima, March 25, 2022Updated on 03/25/2022 07:34 am

Gold prices were little changed on Friday as rising US Treasury yields offset bullion demand, but the metal headed for its best week in three.

At 1012 GMT, spot gold was holding steady at $1,956.87 per ounce, near its highest since March 14 hit on Thursday. US gold futures were down 0.3% at $1,956.60.

Risks around Russia and Ukraine and talk of inflationary pressures have supported the goldsaid Rhona O’Connell, an analyst at StoneX.

Gold, considered a safe store of value in times of political crisis and uncertainty, is up about 1.9% so far this week. Some investors also see it as a cushion against high inflation.

Last week, the Federal Reserve raised loan costs for the first time in three years, in order to combat rising prices. Since then, its top policymakers have signaled a more aggressive approach to monetary policy tightening this year.

Yields on 10-year Treasury bonds have approached recent highs, raising the opportunity cost of holding non-interest-bearing bullion.

In other precious metals, spot silver gained 0.5% to $25.63 an ounce, accumulating a weekly gain of close to 2.8%.

Platinum fell 0.1% to $1,019.46, and palladium fell 0.7% to $2,505.57.

Source: Elcomercio

Share this article:
globalhappenings news.jpg
most popular