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Gold Holds Biggest Gain Since October as Investors Seek Haven

Commodities Feb 14, 2022 03:32
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(Bloomberg) -- Gold was steady after surging on Friday in its biggest advance in almost four months, as geopolitical tensions over Ukraine boost demand for the haven asset.

Bullion’s appeal as a store of value is being burnished by risk aversion in markets and a surge in inflation worldwide, even as the Federal Reserve gears up to raise interest rates. The yield on 10-year Treasuries ticked up Monday after tumbling on Friday from a 2019 high. 

U.S. National Security Advisor Jake Sullivan told CNN on Sunday there’s “a distinct possibility that there will be major military action very soon” in Ukraine. Russia has repeatedly denied it plans to invade its neighbor and Kremlin officials have accused the U.S. of stoking “hysteria.”

Markets are also watching oil’s surge toward $100 a barrel for the first time since 2014, which is threatening to deal a double-blow to the world economy by further denting growth prospects and driving up inflation. Data last week showed U.S. consumer prices surged more than expected in January, sending the annual inflation rate to a fresh four-decade high.

“Risk-off sentiment and the drop in real yields should help gold but a rising dollar may thwart further gains,” said Nicholas Frappell, global general manager at Sydney-based ABC Bullion. The advance in crude oil could add to concerns over inflation and growth, which will likely boost gold further, he said.

Spot gold was little changed at $1,858.85 an ounce as of 8:31 a.m. in Singapore after surging 1.8% on Friday, the most since Oct. 13. The Bloomberg Dollar Spot Index edged lower after rising 0.2% Friday. Silver, palladium and platinum all advanced.

©2022 Bloomberg L.P.

Gold Holds Biggest Gain Since October as Investors Seek Haven
 

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Rasel Sarkar
Rasel Sarkar Feb 14, 2022 12:38
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I want to earn dolars income me please help you
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