- Write by:
-
Thursday, March 17, 2022 - 13:24:51
-
1108 Visit
-
Print
Mining News Pro - Gold steadied on Wednesday after falling to a two-week low earlier as the US Federal Reserve, in a widely expected move, raised interest rates by a quarter of a percentage point.
The reversal comes as bullion’s appeal was dimmed by hopes of progress in Russia-Ukraine talks. Earlier, Ukrainian President Volodymyr Zelensky said peace talks were sounding more realistic, even as Russia’s invasion continued.
Spot gold rose 0.5% to $1,926.96 an ounce by 5:08 p.m. ET. US gold futures stayed level at $1,927.00 an ounce on the Comex in New York.
“Gold is holding well as the recent sharp pullback may have run its course. I expect gold prices to trade between $1,880-$1,960 range in the near-term,” Tai Wong, an independent metals trader in New York, told Reuters.
“However, the Fed was somewhat more hawkish in the dot plot than expected. They are projecting a hike at every meeting going forward in 2022. This does not bode well for gold market,” Wong added.
Meanwhile, the dollar index fell 0.5% against its rivals, making gold less expensive for other currency holders. Benchmark 10-year US Treasury yields also pulled back from recent highs, giving a boost to the non-yielding bullion.
Short Link:
https://www.miningnews.ir/En/News/620916
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
No comments have been posted yet ...