Gold falls on higher US Treasury yields ahead of US inflation data by Investing.com
© Reuters.
By Zhang Mengying
Investment.com – Gold fell on Friday morning in Asia as US Treasury yields rose, with investors looking to US inflation data for more clues on the Federal Reserve’s rate hike path. US Federal Reserve.
fell 0.32% to $1,846.85 by 11:20 PM ET (3:20 AM GMT). Copper, which typically moves inversely with gold, inched lower on Thursday morning.
The benchmark rose, reducing demand for non-yielding gold.
On Thursday, it announced that it was prepared to raise interest rates by a quarter in July and proposed a larger hike in the fall due to persistently high inflation. Inflation in the euro area has now exceeded 8%. The ECB also said that it will end its net asset purchases on July 1, 2022.
Now, investors are turning their focus to and assessing the positives of the Fed’s rate hike.
The US rose to a nearly five-month high last week, suggesting the job market remains tight.
In Asia Pacific, it hit its slowest pace in 14 months in May. Official data released earlier in the day showed a 6.4% year-on-year increase in May, while an 8.0% increase was recorded in April.
In other precious metals, down 0.74%. down 0.45% and up 0.5%.
