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Gold falls, UAE comments dampen oil prices and improve risk sentiment by Investing.com


© Reuters.

By Gina Lee

Investment.com – Gold fell on Thursday morning in Asia. Investors retreated from the safe-haven yellow metal as US Treasury yields rose and oil fell afterwards).

fell 0.11% to $1,986.10 by 11:42 PM ET (4:42 AM GMT), after falling 1% earlier in the session.

The yellow metal fell about 3% in the previous session, its worst daily drop since January 2021 and halted a rally that brought it close to hitting a record high in August 2020. Benchmark rose for a third straight day on Wednesday, with inflation remaining a concern even as oil prices fell.

On the data front, the US will release its consumer price index later in the day, with the US Federal Reserve also set to deliver its latest policy decision on March 16. Atlantic, the European Central Bank will also make its decision. decide on its own policy later in the day.

Commodity prices cooled their gains on Wednesday. This rally saw a multi-year record high as the market digested supply disruptions from Russia and Ukraine, two major energy, metals and crop producers. However, the conflict stemming from Russia’s invasion of Ukraine on 24 February continues.

The US is also urging other oil producers to increase output if possible. The UAE and Saudi Arabia are two of the few members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) that have the capacity to do so.

In other precious metals, palladium fell 1.1% to $2,904.04 an ounce. The metal, used in catalytic converters to limit emissions, climbed to a record high of $3,440.76 on Monday. This was fueled by concerns about supply disruptions from Russia, a leading producer. Silver fell 0.9% and platinum fell 1.1% to $1,065.14.

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